So I wouldn't use a forms company to secure my legal right to the property.

George,First the number 550 a month in rent.Let's break it down.For the area does the 550 offer first months rent free or half off or a waiver of security deposit.If that is what is a happening with competition for the area then rent is not 550.Let's say it is 500.Now look at the 500 per month.You will need to deduct your rents for crappy stairs to walk up,a sloped parking lot,no amenities,if you do not have a washer/dryer place for hook up etc.Your rate will now be considerably less than the 500 others are charging.If I am a tenant looking for a place I want the level lot,ease of walking into my unit,do not like tenants above me,ample and level parking,amenities,place to do my clothes.Buyers on resale will more likely want a 12% cap.I look at a lot of apartments for clients.This one to me is a pass.It has too many negatives going for it that make it hard to rent and retain long term tenants.Again that can be solved by a below market rent rate to make up for the problems it will still have after rehab.

(*I understand that I am taking a risk by owner occupying to secure the loan and then quickly leaving for another building and I can deal with that*) I am also planning on using a HELOC that I have obtained from my primary residence to finance some of the down payment.Any advice or thoughts would be greatly appreciated.

A girlfriend that was with him gave me a check for $400 toward the $753 first month and $753 security that was due at lease signing.

I would not want my kids' names and pictures in a file in a public place with only a teenage lifeguard protecting the security of who has access to it.

Security deposit !

I know that depends on the deal and its particular numbers, but I like that you are helping the seller make more money and you have a guaranteed profit with security.

This is worth its weight in gold!

This even makes file keeping even easier because I don't have to have files locked and highly encrypted/secure because they have social security numbers on them.The problem: I never get the social security number once they become a tenant.

Facts:- We have not agreed to anything yet- This tenant has been top quality- The property is a SFR- She has offered to co-sign a 5 month lease (the remainder of hers) for her dad who is recently divorced and living on social security ... for a reduced rent