Rather than rent to 'vacationers' we rent to patients who come from vast distances and stay anywhere from a week to a couple of months for a transplant procedure or cancer treatments.

Of course there are other variables like cost and procedure for site plan or use approvals in that area that I can't predict, but assuming it's a conforming use and approvals are easy enough, just construction costs for the tenant type I can throw out a ballpark for you.

I have personally never bought any properties and would like to know how it's done before i plunge myself in there and buy a house without knowing standard procedure.

If they are all good, or pretty basic with minor traffic or one or two misdemeanors, but still manage to have good income and credit, probably will be fine.6) When you point out the "joint and several" clause, you also inform the group there is a simple procedure to add or remove ANYONE from the Rental Agreement and their responsibility under that agreement.

This link I found (actually found on a few websites including IU website for law degree students to study) says, "The procedure for disposing of real estate will differ based on whether the property is held in trust or as part of a probate estate, but many of the fundamentals will be the same for both." - See more at: http://livingtrustnetwork.com/estate-planning-center/revocable-living-trust/what-the-experts-say/administration-of-a-probate-or-trust-estate-selling-the-decedents-real-estate.html#sthash.ZJCmTQxN.dpufIf said real estate is in "probate" in Indiana then the final sale has to go through the courts for final approval.

You need to know how to study the market and keep up with rates, market the property to the right audience, screen applications, how to inspect and how often, move-in and move-out procedures, dealing with late rent, and about 172 other things.Do yourself a favor: buy "Every Landlord's Legal Guide" by NOLO.

@Kyle Hipp ,Here's a story that took place in WI, about 10 years ago when we were new landlords and didn't have our screening procedure carefully established yet.  

You will want to research which county you plan to locate your business in, because each counties procedures are different.

We give them a seven day right to cure, if after that they are not in compliance, you can start your procedure.  

They seemed very kind and easy to talk to them.Now, the background check results:Credit Score: 470 & 525 (bad credit due to bankruptcy in 2008 due to medical procedure)W-2 Income (combined): $4,800 with long job history (10+ years)Debt:     - $55,000 with $7,000 past due (all debt is in education loans, $7,000 past due because they were trying to get loan forgiveness and they didn't end up qualifying)    - No credit card / auto debtCriminal history: one of them has no criminal history, the other has 1 first degree assault (not prosecuted) and a second degree assault from 2012.So, couple of questions:1.