@Marc Zak Using an LLC for each property provides strong liability protection by isolating risks to individual assets, with income and expenses flowing through to your personal taxes on Schedule E.

Welcome to the community, Evan!

Head over to bank rate or and take a look at the mortgage calculators, plug in the numbers and get an idea of what the property needs to generate to satisfy the intended debt.You still have to underwrite the deal for the non-finance expenses as well(typically 40-50% of the gross rents). 

So, things change a bit.If it is his personal home, there are more restrictions.For an investment property, if you take over his financing, read through the deed of trust (mortgage) and see how they handle transfer of ownership.

Still learning the DSCR ins and outs.

Drive around the neighborhoods to understand the lay of the land - if you have someone who will take you around and explain, better yet. 

Hi Ryan,Welcome to the landlord journey!

But the perception of difficulty is greater than the reality usually.

He browsed through the lease and recommended to use the 60 day notice clause in the lease to send a lease termination notice.

I suppose I'll just wait until I find a good applicant and be grateful I won't have a vacancy this time next year.