Here's a list of things to track:- Formal lease application- Formal signed and executed lease specific to your state- Payment history (I recommend using online rent collection like Apartments.com, RentRedi, etc)- Maintenance requests and receipts- Accounting for all rental-related expenses (repairs, utilities, etc) The more you treat it like a business, the more helpful you are to your CPA come tax time. 

Talk to your attorney, and if you dont have one, get one - as @Ken M. said, this is highly specific to the state and the circumstances.

Any HML will want answers to those questions plus a rehab budget before getting you a term sheet for a fix n flip loan for this property.I close these types of loans all the time, if you have any specific questions about the process don't hesitate to reach out.

Although many properties with a specific zoning code are technically eligible, they would be subject to an extensive waitlist that could last years.

The reason I ask is if you're starting a "non-real estate" business, I'd recommend NOT using that business to buy any properties but use a real estate specific LLC to acquire your properties.

My state has a specific law about "contractor fraud".

Quote from @Keyshawn Johnson: Hi BiggerPockets Community,I’m currently living in Italy but will be moving to Florida soon, specifically to the Destin area.

They can offer valuable insights into the local market, potential rental yields, and specific considerations for a rehab project like the one you're planning.

But, you'll need to get with an REI-savvy bookkeeper/firm to help you set it up since it's not an REI-specific software.

Feel free to reach out if you have any specific questions, as an investor or a lender happy to share any advice I can!