I'm a strong advocate of small government, but understand that those who will not behave create the demand for most laws and regulations.  

You don't put the houses "on the note as collateral", the lender will be having you execute a mortgage simultaneously with funding the loan/title transfer.And, You can Not release the seller as a guarantor on the loan, only the mortgagee can.  

will be having another meeting in a the coming months.  

Pets:  If someone has a well behaved pet, I allow it. 

I will be having a bundled tax lien assignment auction on November 14, currently slated to include 196 of these properties.

awesome.so what type of errand boy do you want to be?have

You can take it in stride when your tenant trashes one of your houses because you had accounted for that bad egg by spreading the expense over all your properties.And when your tenants all behave and have extended stays in your houses you are pleasantly surprised.

But make sure he understands this isn't setting the precedent for any future deals.....he's being fairly compensated for his part as is, you don't want him thinking he'll be having the same slice in the future even when the pie is larger.

But there will be no guarantee one way or the other.I expect that somebody described as "the tenant from hell" will always be a bad tenant, and I expect that somebody who is a model tenant (especially through adversity of some sort) will behave well as a tenant.

My main intentions will be having it for a rental property, but once I get a few passive income rentals going, I would like to have the option to sell some of those, or acquire new one just for Lonnie deals.