I am in the business to make money .Plain and simple . 

Your mentor has needs; try to meet them and develop a mutually beneficial relationship.A mentor can benefit your growth, but it's not as simple as one post on a forum full of strangers.

You can secure the property with a promissory note drafted by a lawyer or a title company, but keep in mind that “taking back the property with the note” as it is often pitched by gurus is not always actually that simple.

It is a simple value add.Get the permit and enjoy an easy value add (assuming it is close to $8k).good luck

It could be something as simple as a toilet running. 

Do plenty of research and find out what other mistakes have been made in your are and learn from them.Both are great options but maybe doing a simple pros/cons list for both STR and LTR.

I know I can go through a lawyer but I was told it is a fairly simple process hence want to DIY.Regards,Xuming

It can be a simple one page contract b/w you too at an agreed upon rate.

If you are new to this particular strategy, you might be confused, but this is just a simple strategy that you need to understand and be aware of, most particularly if you are an investor or a shareholder.

To help you, we have developed a simple tool for gauging your emotional response to some common aspects of rental ownership.