Make sure you understand that there isn't a rental cap, what the leasing restrictions are (tenant applications, background checks, minimum lease length etc).

Hello all,I have a prospective tenant applying for a 6 month lease at my 1b1b studio rental unit. 

Up/down double $57,000 purchase price (hopefully less)PITI = approx $500/mo with 25% down conventional loan$14,250 down + closing costscurrent rents total just over $1200/mo for both - leases in placelandlord currently pays about $200/mo for water/sewer/trashI figure about 10% vacancy and 10% maintenance which leaves me with about $400 monthly cash flowThe two major concerns I have are that it needs a new roof (tear-off) and that it has a funky layout.

I frequently look at loopnet and look through the offering memorandums.

@Nick McBrideFirst you have to determine what is your responsibilities of paying and what is the tenants responsibilities of paying.As a general rule - the landlord's expenses/allowance will include repairs/capital expenditures/vacancy/property taxes/mortgage interest/mortgage principal/etcDepending on the county - Water and Sewer can be included in property taxes and be the responsibility of the landlord.Items such as electricity/water/gas is up for negotiation to be paid by either the landlord or tenant depending on what is said in the lease.

Review their lease agreement and addendums.

That's not bad, considering I don't like the property and there is a lot of upcoming work that will be required on it in a few months when the tenants leases are up... 

We have not yet signed a lease.

This is the ***** five star answer.The primary purpose in investing in land lease communities is to get away from maintaining buildings.

I know for a fact that rental income can be used to qualify you for the mortgage, at least in my case this was frequently discussed between my mortgage specialist and the underwriters at the bank.What really attracted me to the home possible program was the ability to cancel PMI without having to refinance (like an FHA).