The house rents for $1200 month currently and will be able to get $1600 if renovated (finish basement bathroom, new flooring and fixtures, mainly cosmetic).

And remember, we nerf'd down the actual market rents on this.

I used Zillow to list my rental and accepted someone's application however after my few interactions with them on the phone some major red flags have come up and I wanted to know am I under any legal obligation to rent my property to this person. 

@Ryan Daulton  It depends on your location. 

PLEASE NOTE: I want to sell by mid-October and with current market volatility, considering renting for a year if necessary and listening as Rent/Sell.Upsides to RentingLuxury condo that presents well, in a growing neighborhood that should appreciate well.3.375% 30 year fixedWilling to hold long termDownsides to RentingNon homestead taxes will be 14K Annually!

If you knowingly rented a home with a small backyard to a tenant with a dog, regardless the size of the dog, wear and tear is going to come into play.  

You should have bought a 2-4 family house, lived in one of the units and rented out the rest.Recommend you live in your condo for a year, rent it out, then try the strategy above.

Depending on your family situation and school location it could make sense to rent vs buy, but I generally prefer to buy if you can find an affordable home that meets your needs. 

Banks were renting spaces to get business back in the 20s, hence commercial, and they rented to clothing, shaving, and shine boutiques and whoever else wanted to pay for a space.Some banks will treat anything over a single-family home as a type of commercial property as you are technically renting space as commercially defined. 

@Jonathan GreeneGreat feedback and agreeThe best type of post that is a question outlines the situation, what research you have done and ask for confirmation or further direction.The “what’s the best state to invest in”, “should rent or sell my home (with no other context) and the infamous transfer my property into a LLC - I wish BP could have AI charge people for asking those questions.