sounds like you're being thoughtful about this and you got some really thoughtful responses back, including from@Travis Timmons@Michael Dumlerjust to pile on - it is very, very difficult to, in the short term, replace W2 income with income from long term rentals. 

In Maryland, a Legal Agent is required if the Rental Property Owner resides outside the State of Maryland; including nearby D.C., Virginia.

Some things you may want to consider:  does the rent on these units include utilities?

The transaction allows investors toincrease the liquidity and diversification of their realestate investments while deferring costly capital gainsand depreciation recapture taxes that may result from thesale of a property.Benefits: REITs also can provide the same ongoing benefits of real estate ownership including income, depreciation tax shelter, principal pay down, and appreciation.

It’s crucial to ensure you’re compliant with your city’s requirements, including permits, taxes, and safety regulations.Ok - that was just a stab at it. 

It may also be beneficial to require a co-signer for the lease, especially if the tenants are college students with limited credit history.When writing up the lease, clearly outline the rules and expectations for the property, including noise levels, guest policies, and maintenance responsibilities.

The owner reports gross rents of $2750/month (this includes the home plus lot rent). 

How does the property do if you use 50% of rent as expenses not including P&I?  

I hope to have my book published this summer and it will include all these great tips and more!

If you're worried about break-ins, then you need to secure it.We give our clients several options, including removing & storing the mechanicals to avoid theft.Also, check with your municipality to see if they have any requirements.