Syndications are great for truly passive income, offering tax benefits and diversification, but require high minimum investments and long-term commitments.

I'm not sure if they still have the 2 year requirement on income if it's going to be your primary residence.

So in all, no real tough spots other than normal aside from not knowing you were required to hire an electrician, but that's unusual anyway.   

The property required a full gut rehab as it had been vacant for 15+ years.

What’s required for success in this is deep knowledge of real estate in general and the area in particular; experience in real estate and the local laws, etc.; and capital to pay for options, marketing, legal counsel, accounting, tax advise, etc.  

Or does your financing terms require you to do something else (which is why we need to ask question #2).Maybe the original poster will respond as well but those are the 4 items I would tell you to uncover.  

You should require the new person to apply, pass your screening, and sign the lease.

As for non-bank loans, I'm familiar with a loan program that provides 100% financing, but it requires a minimum 650 credit score and proof of funds covering 12 months of interest.

What documents do they require, what credit scores do they allow, how do they verify previous rental history, etc.?

even if its interest only, id want to pay down principal here and there. seems like sellers would offer this interest only route so they have 0 capital gains tax, but id rather pay down a bit of principal in 7yrs. i see its not required but it should allow for principal paydown in promissary note3) any general advice to look out for on seller financing?