How many properties do you own and does each of them have different investors/owners?

That way you are not competing with 30 other owners for rent.

You could have bought a house, or several, that would have doubled in value.

I am calling the phone numbers in these ads asking if the owner is interested in selling the property.

Which of the two scenarios are we talking about: Subject-to or Owner-financed wrap? 

We currently own the house we live in and would rent it out upon moving into his house. 

It's best to have a house manager.

The tenant was paying rent to the previous owner but hasn't been paying rent for a while since the property was foreclosed and sold to the bank.

Taxes are reasonable (in most areas), and there is a significant lack of quality affordable housing.  

My CPA was unsure... do you issue 1090-NEC for the difference between 1099-K and 1099-MISC or do you double up the income (i.e. 1099-NEC for gross rents from PM, 1099-K of the net owner distribution on 1099-K, then owner reports double income and puts a line item expense for the 1099-K since 1099-MISC covers gross rents).You need a new accountant lolPM issues 1099-MISC, not NEC for rental income paid to property owners.You would still issue the rental income paid to the owners regardless of the payment method.The Property Owners should add an expense line item on Schedule C stating that income reported twice on Form 1099 to offset any duplicated amount.