I already have the lease agreement and paperwork together for the tenant that I will be keeping.

The seller is essentially the bank, but you both decide on the terms. 

So, what paperwork do you give your tenants and what do you have them sign?

Forms and Leases - Consult with Scott Zucker or Jeffrey Greenberger to implement state specific leases, forms and lien paperwork.

I paid 200,000 for a property currently worth 206,000 at best and needs about 6,000 in repairs to be rent ready so essentially I've built a situation where the only profitable outcome is to hold.

In general south of Seattle will be the best place for numbers in a house hack just since homes are at a lower price point.Rent from the 5 rented rooms is 4700/moMortgage is 3700/moUtilities, reserves and other expenses come out to 1000/mo so I'm essentially living in the 6th room for free!

A lot of paperwork qualifying for any RE loan or line.I didn't hear the real reason for a truck.

The SELLER or current owner of the home who could not use a realtor, has absolutely no knowledge, skill, or understanding of the process of selling a house seems disturbed by me earning to much of a profit.The paperwork is at the lawyers office for pre-foreclosure to begin.

That's outrageous for what is essentially 20 or so hours of work per year.

My current interest is in landlord paperwork, screening and legal knowledge to rent hack the extra room.