He should read his mortgage and see what it says about renting and/or converting to rental.

We had to read some IRS publications when we were uncertain about a few things.

So, things change a bit.If it is his personal home, there are more restrictions.For an investment property, if you take over his financing, read through the deed of trust (mortgage) and see how they handle transfer of ownership.

You didn't read what I wrote above because you still want to compare your idea against something that doesn't exist. 

You can also search Google and read reviews.

Your reading of that section isn't exactly what I would take away.

As to your point about confusion in the future, it's our policy to leave the conversation and thread open and available for anyone to read, they can gather all of the information and make an informed decision for themselves based on ALL the information provided.

You can also read our current and past issues on our website or attend our in-person events around the nation to meet us in person. 

Then you can read a more in-depth book like The Book On Rental Property Investing by Brandon Turner or The Unofficial Guide to Real Estate Investing by Spencer Strauss.Here's a guide that teaches you how to analyze a property.https://www.biggerpockets.com/blog/rental-property-cash-flow...Finding deal that cash flow is the easy part.

I'm reading books and listening to podcasts and such but having someone I can shadow is a more valuable educational experience.