If this is a MN lease you must do a new lease as the regulations and requirements for a lease changed significantly Jan 2024, so you'd need to confirm your compliant with new lease requirements. 

@Kory ReynoldsWe had this happen and we sent a letter to the irs with a copy of the letter we sent and confirmation of payment to them.

or have the current seller provide said info. with proof of payment and or renters insurance, turnover of security deposit & first months rent which my attorney will also be collecting, With it being such a quick turn-around with their current lease expiring I want to have as much lined up as I can and be the most prepared I possibly can.Currently Still in the process of bulletproofing the new lease along with the operating and reserves accounts & setting up account/property management software.

Need to have great reserves while you wait for the market to turn. 

@Adrian LemusThanks for the confirmation, of course depending on finishes cost could be higher. 

It can be a great opportunity to run an STR for those three years that he says he's going to be there and build up a bit of a stronger reserve fund for when he converts to medium or long term rental when he moves out. 

important that there is often a distinction (however vague) between first time "investor" and first time "homebuyer" - always have to confirm if/what the difference in program eligibility is

Thanks for confirming that. 

The type of properties we tend to buy in Milwaukee are just over break even in my book, but you could easily call them negative cash flow if you start adding percentages for reserves.

Do you have anyone you use for repairs, this will be a consideration done the road.Second, you will want to factor in reserves for the unexpected.