Don't make offers unless you really intend to purchase the property whether you find a buyer or not (applies to wholesalers).  

If the locks must be changed for any reason due to the tenant’s fault, the landlord must be informed and provided a set of keys upon the replacement of locks.Damages: Any monies received, will be applied to damages or fees, first.

Generally speaking if you don't have any type of revolving accounts now you might want to get them because when applying for a loan more than likely they will want to see atleast a years worth of payments.

Lots to learn here, and you're in a great place to apply it.

Builders risk insurance wouldn't even apply as he doesn't own it.

You can search the forums, like the related posts shown below to see why new federal laws apply to this area.

Now tenant is suing for security deposit because of the charges I applied to security deposit.

So with that being said I don't think the Property Management stuff applies to me in this situation, but perhaps good to know?

No matter one's opinion on Art, Engineering, Finance or Education majors, the reality is a baseline education is helpful in REI.College teaches a couple of valuable skills: how to dig for information and how to apply that information to real world scenarios.  

Also, keep in mind that federal fair housing laws don't apply to an owner-occupied 2-family like they do with every other property (including owner-occupied 3 or 4-family units).