I want to get a “checklist” of what I need to do next in terms of the legal side and paperwork to get this thing rented out (or even steps I need to take prior to renting it out, such as getting insurance and a contract agreement).

I rented the other 40% to a complimentary auto business, and was able to obtain a 20% annual ROI.

Quote from @Daniel Rabinov: I’m new to REI currently looking to acquire multifamily properties in the North Miami Beach, Aventura, and Hollywood areas that meet the following criteria:Price per Unit: Maximum $250,000 (4 PLEX MAX 1M)Cap Rate: 7.5% or higher as-is not pro formaValue-Add Potential: Properties that offer the opportunity to renovate, improve, and increase rents or overall property value.My focus is on underperforming properties with strong fundamentals that are located in these markets.

For example, several years from now when rents are up and you refinance to a lower rate suddenly you will have cashflow you were not imagining when you made the purchase. 2.

Took this over from original owners at severe under market rents.

These houses would rent for around $500.

She said many of the homes in her area sit empty, waiting for tourists to rent them out, instead of being made available to those in need of housing locally."

Plus the building itself must show receivables as a business or in rents to underwrite the NOI of the business, Rent rolls, and occupancy ratio if rentedHave you thought about starting small and simply buying some single family homes or 2-4 units and transition into commercial? 

Raised the rents from $1710 per month to $1875.

A more likely scenario is you will be a landlord with a tenant, and you will be responsible for the upkeep on the rental as well as your own unit Then when your renter moves out or you evict the renter for non payment of rent you will need to pay to have the unit turned unless you can do this type of work yourself.