Forming an LLC might give them liability protection and a more formal business structure, but it's not essential.3.

@Christopher Mooney - I house-hack a 2 Unit Building in Bayridge Brooklyn which is a 45 minute subway ride to Manhattan Wall Street Financial District (a 7 mile drive).

He's essentially lost $150K.Run the numbers if he was renting it for 5 years (minus mortgage, property taxes, repairs, etc). 

It's essential to present your own lease agreement.

It's essential to screen your tenants thoroughly.

Quote from @Chris Barrett: Yes, and if the buyer isn't able to close due to reasons other than allowable in the OTP you will lose your EMD and they'll owe you money that they apparently couldn't pay in the first place...As the person bringing the EMD you are essentially Joint Venturing on the contract and as such you have the right to cancel the contract just as much as the wholesaler.

Im more a hands on learning definitely and as far as living in a unit i couldn't yet because its out of the kids school district  plus the limited space. but thats the goal, to buy a small air or inn to manage and run for work while still renting in our district and then looking to buy since we're renters again!

Here's how it works:If their deposit is $1,500, they can either choose to pay the SD in full or elect to take out what is essentially a loan with Rhino Insurance and only pay $25 per month ($20 goes to Rhino and the remaining $5 goes to the PM company) toward their $1,500 SD.

Sounds like this is maybe in the Wilmore area if it's in a historic district near South End.

Cleveland itself much cheaper, but Cleveland itself is essentially one big Section 8 ghetto more or less.