(b) Except for mortgage loans as defined in G.S. 53-243.01, this Article shall not apply toany party approved as a mortgagee by the Secretary of Housing and Urban Development, theFederal Housing Administration, the Veterans Administration, a National Mortgage Associationor any federal agency; nor to any party currently designated and compensated by a North Carolinalicensed insurance company as its agent to service loans it makes in this State; nor to any insurancecompany registered with and licensed by the North Carolina Insurance Commissioner; nor, withrespect to residential mortgage loans, to any residential mortgage banker or mortgage brokerlicensed pursuant to Article 19A of Chapter 53 of the General Statutes or exempt from licensurepursuant to G.S. 53-243.01(12) and G.S. 53-243.02; nor to any attorney-at-law, public accountant,or dealer registered under the North Carolina Securities Act, acting in the professional capacity forwhich such attorney-at-law, public accountant, or dealer is registered or licensed under the laws ofthe State of North Carolina.

In my area they call it an administration fee.

Our firm used to recommend those types of companies, until investors would show us their overly complex entities that they formed on their own, not realizing the tax and administrative implications of the entity that they created.Now we always recommend consulting professionals prior to forming an entity. 

One location for rents and another for security deposits2. sub account for each renter.The downside to this is that it can be very administrative heavy and it is not scaleable after you start having multiple RBR rentals IMO. 

And your 401(k) administrator can tell you what the payment would be in theory ahead of time so you can work your prequalification. 

do not get carried away, play conservative on your first deal, leave some room for error.3) Find a qualified and experienced contractor, do not settle for cheapest, you want experience here, because their is a significant administrative burden not only paperwork, proper formatting, but also financial constraint on the contractor as these sometimes have $0 prepayment to contractor.

The new VHR ordinances are trying to balance long term vs short term rentals within city limits but for now the county and administrative zones within city limits are probably the best targets for vacation rental purchases.

@Maria TaylorIf the property is going through the probate administration process you'll need to contact the PR (Personal Representative)

Get your tenants in that process early.From what I have been hearing, once the new administration comes in, they may be instituting more policies that are going to make eviction tougher going forward until Covid is over. 

Once letters of administration are issued (hopefully with full-authority) then she has the right to sell the property at that time... however, be careful, some states the probate courts are looking for 90% of appraised value for the sale.