There were people in PA who got hosed because of some contract for deeds from harbour back in the day where I believe the current holder had to go back and reamortize the loan and some of them were paid off or close to it when the buyer thought there was still a good amount of UPB left.

@William Grantham welcome to the site!

Besides having a personal friend to mentor you, this is the next best place to learn.

It makes it easier when you put things into sites like Air BnB and whatnot.

Following this thread as well.

The only person willing to lend me money was Paulie—a guy who charged a point a week and always had a baseball bat within arm’s reach.

I just include the utilities in the rent.

Also if you ever have follow up questions you know where to find me :). 

This way, you can have a clearer understanding of what you want to do before making that initial investment.All the best!

The only purpose of the account would be to collect payments and pay bills like taxes and insurance on assets held by the LLC.