Guest have to accept the rules before booking, so they acknowledge the risk and penalties etc.

Just like if you fail to pay back your life insurance loan, the proceeds come from your death benefit.I acknowledge that "be your own bank" is a great sales pitch. 

I would assume he has coverage but you might point this out and put an acknowledgement in the lease. 

Whatever you choose, I recommend you get an acknowledgement so they can't say the notice was never received.

Can we at least acknowledge that even east hill needs a lot of work?

In most of our local standard purchase agreements there is a line that says something similar to "Buyer acknowledged that selling broker (buyers agent) has recommended that buyer obtain an inspection of the property by an inspector and/or a licensed contractor. 

Will I have to be renting for like 1-2+ years with tax returns in order for the rent revenue to be acknowledged or is there some alternative option (portfolio loan, etc. idk).

@Everett BakerIf it’s not in the contract, it didn’t happen.You have to write that in the actual contract so both parties sign acknowledging that.

Then finalize the deal and proceed to doing a renovation if needed, then finding someone to rent it and setting up a lease with them.I believe these are the steps I should be following in that order more or less.Any feedback to would be truly appreciated acknowledging I am on the right path or anything that I missed and would help me moving forward.Thank you. 

Then finalize the deal and proceed to doing a renovation if needed, then finding someone to rent it and setting up a lease with them.I believe these are the steps I should be following in that order more or less.Any feedback to would be truly appreciated acknowledging I am on the right path or anything that I missed and would help me moving forward.Thank you.