There is also some specific verbiage HUD requires in the purchase contract to protect the borrower and disclose some of the 203k contingencies to the seller.

@Raji Kaur most of the standard leases we use in Chicago have language about abandonment that would protect you.

Protect yourself and get advice from an actual attorney.

Your accountant is more than taxes, they assist you in business operations, planning, asset protection, personal finance and estate matters.

Account Closed contracts are written to protect buyers.

The "one pager" contract has its place, but I use the State contract 98% of the time because it offers excellent protection to both seller and buyer, is easy to fill out, and is what everyone is used to seeing. ....God forbid you should ever have to go before a judge, but if you do and your transaction was based off of anything other than the State Contract, whatever leg you had to stand on will evaporate.You could certainly hire an attorney to draft one if you would like to go to the expense.

This is for your tenants protection and liability reasons to show you being a responsible landlord.5.

What can I do to protect my property in Texas?

The main benefit of the LLC for rentals is the asset protection.

This does not cover or protect you if you fail to disclose any little thing wrong with the house.