The security deposits from the tenant may be held in a trust account outside of the State of North Carolina only if the landlord provides the tenant with an adequate bond in the amount of said deposits.

Additionally, most servicers will provide the tax documents needed at end of year (1099-INT, 1098-INT) and can also issue notices of NSF, late payments and support delinquency /default.

I'm considering partnering with a non-profit that would manage the sober-living program; with me just providing the house passively for rent on a per bed basis. 

Hoping that someone could provide some guidance on this so I can decide how to proceed?

Based on the numbers you provided, these are well above the debt service coverage ratio of 1.25 hence from a lenders perspective, this is loanable.

If you have not already purchased this policy, I would look for a policy that provided a stated amount deductible for wind/hail vs. a % deductible.

It was all really quick, and the time to complete everything happened a lot faster than I expected (which was a good thing).I was worried at first that I had to use all the partners that Rent to Retirement had, but it was really easy for me to shop around for different lenders with different terms and rates, insurance providers, and property management company.

Thanks in advance for any insight you all might be able to provide!

Many times, hosts think the company or broker provided a STR policy just to find out when a claim is made there was a little sentence in the fine print that stated any STR activities canceled the policy out.

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