Be very clear that they must transfer the deposit along with a complete set of tenant records (application, lease, payment ledger, etc.). 

It’s awesome to see someone starting their real estate journey at such a young age with a clear vision and determination.

You can also go straight to the source - Direct DSCR Lenders - don't necessarily need a mortgage broker to shop for you (especially if you are here and asking the right questions and clearly are sophisticated - unless you are SUper-strapped for time, you don't seem like an investor that needs to pay a broker for help - go straight to the lender)3) Last question- i'm seeing rates on DSCR loans in the 7.2% to 7.5% range, in addition to 1 to 2 points and they likely track 10 yr treasuries (4.26% as of today).

By documenting everything, both parties have a clear record, which can be invaluable if any issues arise later.

Perform the same task in each app to ensure a fair comparison.Load a property with pictures and details.Market that property.See what your marketing looks like from the public's perspective.Submit a fake application to see how easy the process is.Run a credit/screening report on yourself.Enter a maintenance request, assign a vendor, and attach a fake invoice.Enter charges to the tenant's ledger.Enter recurring charges and automatic late fees.Sign documents electronically.Run owner reports.After testing a few apps, one should clearly stand out.

Quote from @Tessa Tsui: You claim to have read those articles before, but you are using the wrong terminology and asking a question that is clearly answered by the resources Russell provided.

These bushes are clearly too close to the house.

A well written management contract should clearly spell out what is expected of both the PMC and the owner, to PROTECT both and avoid misunderstandings.

-therefore, there won't be any net 'cash flow to cover rent' for years.to be clear, i say this not to say "don't invest out of state." investing out of state is fine. 

The arguments for FHA versus conventional are fine and all, but one thing to be absolutely clear on is that Fannie/Freddie nor any other agency does NOT lend to entities.