From my experience, starting with long-term rental properties is a smart move, especially for those looking to build wealth steadily over time.

:@Adam Craig wouldn’t you guys put a as-is condition on your purchase contract?

My wife and I are interested in leveraging a 2-10 acre single family property into a longer term RV park with 8-15 pads.We've been in communication with the county. 

In June, we put a 62 and 67 unit under contract.

Make a short list of questions to ask.

Key things to agree to The interest rateamortizing or interest only loanLength of loanLength of amortization (does not have to be the same as length of loan if there is a balloon payment)When are payments due; monthly, quarterly, annually at the end of the loan etc.Are there any upfront points to be paid and other misc terms like late fees.Then have an attoney create a Note and a Mortgage (or deed of trust depensing on the state)

I want to get a “checklist” of what I need to do next in terms of the legal side and paperwork to get this thing rented out (or even steps I need to take prior to renting it out, such as getting insurance and a contract agreement).

I've heard of being a J violation.Here's a linkhttps://www2.myfloridalicense.com/construction-industry/faqs/#:~:text=A%20%E2%80%9Cj%E2%80%9D%20violation%20is%20abandoning,failed%20to%20perform%20without%20cause.your contract may have an impact on the outcome. 

If they don't you won't be able to assign the contracts.

Here's a rundown of our current financial situation and REI experience:Current Properties:Short-term rental in the mountains of NC:- Owned outright- Grosses $2-4k per month- Valued at $400kCondo in Charlotte, NC (long-term rental):- Owned outright- Rents for $2.9k per month, cash-flowing $2k per month- Valued at $350kPrimary residence:- Located in NC- worth $800k, owe $200kMy wife is also a minority partner in an investment group that specializes in BRRRing foreclosed properties.