All  above guidelines related to conventional loan only.

The subject says it all - if anyone can pass along the name of a real estate attorney they used for setting up an LLC, and maybe to answer some basic legal questions/advice related to it, I'd appreciate it! 

I ran into this same problem in Europe when I rented to a relative and she stopped paying rent.

@Nik Moushon Thanks for relating and encouragement.

I own a condo in Margate City NJ.  It was originally a vacation home but we've operated it as a vacation rental for the past few years.  We want to sell it and upgrade to a single family home also to be used as a vaca...

I am a relative newbie as well compared to many on this site, but I would glad to offer you any advice that I can to help you get started. 

Since this thread is being tagged from a more recent thread, I am going to update it with related information.  

Personally for me my relations with my bud matter more than the money and I won't like to destroy personal relations at monetary cost.

Obviously low acquisition costs and relatively high rental rates would be a favorable scenario for a buy and hold investor. 2.

So, for those relatively few who do engage in virtual wholesaling, or at least those who know about it, how do you solve this conundrum?