Definitely hire a real estate attorney to draft or review any seller financing agreement to protect your interests.Ask the real estate attorney how to handle the POA situation...can you talk with any of the other property owners who are short term renting out their properties to see what/if they have any issues? 

If I hired a PM that would also take care of collections (among other things) would I still need a service like rent redi? 

The other needs less rehab with houses selling for around 100k or renting for $600-$800. 

Will you be renting this property our after you purchase it?

Do people just wait for tenants to give them checks/transfer rent or do we need to send a invoice every month to tenant for rent payment?

Her income is 3x the monthly rent. 

I have called lenders, and they say either they're renting them out, or they don't have any REO.Since lenders can often be slow to respond, I stopped looking at them. 

My lease states that if a tenant breaks the lease and moves out early, they must pay a penalty equal to two months' rent.

The property currently produces six figures annually in gross annual income and is located just outside of Mt.

The short term basis of this would be to AirBnB or VRBO your house - where they rent it as a long term rental from you, then lease it out on a nightly basis for the same purpose - to keep the difference for themselves.