Converting your single-family home into a rental property involves several considerations to protect yourself and ensure smooth operations: Establish an LLC:Liability Protection: Holding the rental property in an LLC can protect your personal assets from potential lawsuits related to the property.Tax Benefits: An LLC can offer tax advantages, such as pass-through taxation, where rental income is taxed at your individual income tax rate.Insurance:Landlord Insurance: Ensures coverage for property damage, liability claims, and loss of rental income.Umbrella Policy: Provides additional liability coverage beyond your landlord insurance, offering extra protection.Deductions:Mortgage Interest and Property Taxes: Continue to deduct these expenses.Depreciation: Depreciate the cost of the property over 27.5 years, excluding the land value.Maintenance and Repairs: Deduct costs related to maintaining the property.Property Management Fees: Deduct fees paid to the property manager.Filing Taxes:Schedule E: Report rental income and expenses on Schedule E of your tax return.Separate Accounts: Maintain separate bank accounts for rental income and expenses to simplify bookkeeping.Lease Agreement:Solid Lease Terms: Ensure your lease agreement is thorough, covering rent amount, due date, late fees, maintenance responsibilities, and eviction terms.Legal Review: Have the lease agreement reviewed by a real estate attorney to ensure compliance with local laws.Tenant Screening:Background Checks: Perform credit, criminal, and eviction history checks on prospective tenants.References: Contact previous landlords and employers for references.Property Management:Regular Inspections: Schedule regular property inspections to ensure it's being maintained properly.Maintenance Fund: Set aside a reserve fund for unexpected repairs and maintenance.Moving Out of State:Communication: Maintain open communication with your property manager.

I drove by it right away after it was listed and made them an offer for 100k cash sight unseen.

I just keep analyzing deals and making solid offers based on the numbers.

During Covid it was very hard to use with all the multiple offer situation but it's  been better for people in the market I live in.

Also, would anyone have any recommendations on how to approach the neighbors with the situation that may assist with covering some if any of the cost.Thank you in advanced.

A n00b contacted me about the numerous "great deals" he was seeing FSBOs offering on their condos throughout Florida. 

She offered the deal at 250k and will negotiate but I need to be sure I can find funding before I waist anymore of our time.

There are other companies that offer products that would cover all of your properties under one schedule that would operate with one bill.

@Kinnari Pandya depends on what types of properties and corresponding tenants you want to deal with.The Midwest offers lots of affordable opportunities that can cashflow well.

Thank you Ryan and Theresa for taking time to respond and offer advice; very much appreciated!!!!