I have my own application that applicants fill out so I have their important information in case of eviction, also I state my procedure, that I will check past rental history and income verification first, for free, and if they pass that, they must pay Smartmove or other screening service directly for credit, background, etc., on anyone over 18, even if a dependent like an elderly parent or college student living  at  home. 

Well here are few that I can think of:- You are an Accountant - who views the reports once a year to do taxes (That is it)- You are a Bookkeeper - you want to do the data entry because it does not make you money- You are a DIY QuickBooks user - who will surf the internet and YouTube for answers and not have the full process, procedure, and solution- You are a CFO - review your financials every day or week, depending on your business goalsNow let's get into the nitty-gritty:- You as a business owner should look at your reports by each property and unit- You should compare your Profit and Loss by:----- Month----- Quarter----- Year----- Previous Year Comparison----- By % of your Income ----- and the list goes onNow about your Equity - view your Balance Sheet and see the difference from previous year how much money you paid and received by improvements and loan, the personal money you invested and more...If you are looking at keeping the books for tax purposes and IRS, as well as use paper and pencil.

Two significant revenue procedures created a structure that allowed groups of investors to go into a property specifically structured by a sponsor as totally passive tenants in common ownership. 

Once you figure out the proper procedure for eviction of an activd duty military member in your state adjust your procedures for future active duty member tenants.

My plan was to look at surrounding areas to find potential deals but what is the procedure when it comes to working with the title companies and closing on these deals?

I'm aware that there are certain procedures that I can undertake, and would like to find out more.

If we create our procedure now, then should we be okay to let everyone know of the max 3 occupant rule or do we need go through work history, then credit and criminal background checks first?

Also what are the legal and tax implications and procedures?

Or, because it’s your standard operating procedure w/ no exceptions, take your pick.  

We're finally gaining momentum with work the house so we're expecting to be able to rent them come May (that will make one whole year of holding and renovations... not our finest but we're still learning).I'll definitely be giving Granite State Credit Union a call soon though to discuss the refi with them.