Your best/safest bet would be a regular lease combined with an option to purchase.

Common fees will include a set-up fee, a leasing fee for each turnover or a lease renewal fee, marking up maintenance, retaining late fees, and more.

On the other hand, if you write something into the lease that you agree upon, it should be fine, but that may turn off many prospects IMO.

Sure, all channels can work, even seller financing or foreclosures, but in my experience, a well-connected agent can uncover hidden gems that often outperform the trickier avenues.Since the post is still fresh, I’m curious.. do you foresee other potential add ons that might elevate the returns even further, like corporate housing partnerships or short-term seasonal leases?

You'll invoice the tenants on whatever strategy you set up in their leases.

Can I, or should I, approve both applications and then see who signs the lease first?

With your background in lease management and site selection, that could be a natural next step.Regarding STRs, I can understand the hesitation—accurate expense tracking is critical, and not having that data can make evaluating deals frustrating.

The only thing I would mention here is you shouldn't have anything in your lease that a court would consider unreasonable, in case you ever need to go to court.

By house hacking, you're immediately positioned as a landlord, which will adequately pressure you to learn how to structure your leases, screen applications, collect rental payments, resolve the nuances of managing tenants and addressing property issues, etc.

that we’ve learned in our 24 years, managing almost 700 doors across the Metro Detroit area, including almost 100 S8 leases.