Many times, if you wish to hold the title in the name of an LLC, you may end up with less favorable terms or even find that it's not allowed.If you do find a loan program that permits taking the title in an LLC, it's essential to consult with your attorney and accountant to understand how to proceed.

The latter will typically cost you more, as there are two sets of closing costs and the front side will pass their cost on to you, so you pay twice essentially.

You'll need to provide the essentials without going overboard on luxury items.

@Mario CastellanosBIG assumption but if accurate it means the property is under water meaning they owe more money on the property than it is worthThey would not be able to sell it without lender permission essentially.

. - Make sure you get a security deposit and perhaps do a surprise inspection of their current home.S8 requires an inspection (mostly health & safety) before approving a lease and then annually thereafter. - Not something most landlords taking care of their properties have to worry about.There are limits to clauses they allow in your lease.

Thank you Andy-we are currently done with the repairs  and theu agreed to waive her their  as of now and is not charging us any money as she realizes she hasn’t been able to rent it .Also there is no contract ,  which after reading more and more on property managers is essential.

Lesson: in a pro-tenant law city especially, don't do illegal things, don't have fire code or safety violations and if you ask someone to leave, follow all local laws.

Below is a link to Josh Andrew's book which is an excellent starting resource, and an e-book from Dave Van Horn about NPL investing. https://www.amazon.com/Paper-Profits-Beginners-essentials-mortgage-ebook/dp/B06Y4C7X6Y/https://www.pprnoteco.com/wp-content/uploads/2016/08/Intro_to_Note_Investing.pdf

I have no prior experience in real estate, however, am fortunately enough to have access to sources of income besides a fixed job salary that provides me additional CF and a long-term safety net.

Essentially, we're just setting firm boundaries from the very beginning.