My advice to you is to make sure you have a rock solid team available to you because the things that will really trip you up are the service calls whether they come in during the day or the middle of the night.

Hey even flipping we're good at.Ask your questions here, anything counts, in one place and I will give you a solid data-backed (NEVER opinion-based) answer.In case you don't know me, My name is MSOOTKAUG, and am quite damn good at generating actually motivated seller leads, ranking websites #1, Credibility, and Conversions and people usually have to fork over their first=born child to have me consulting them.

Thanks for your response Nicolas.

Hey Ryan, Assuming he is putting no money down to purchase, the property has increased enough value in 5 years to refinance at 75% LTV, then yes, he will be responsible for the closing costs of the loan at the time of refinance. 

I'm glad you found a title agent who's responsive to you needs but I think taring "most title agents" as incompetent based out your one experience is unwarranted. 

@Vicente Hernandez professional office staff, responsiveness, and a reasonable contract are 3 key ones I can think of.

@Patrick Roberts Agree with you response.

While your terms are solid, and afford a great opportunity for people, I would never recommend that a buyer pay over market value, putting themselves under water.

If they can't/won't pay the termination fee, then I let them leave but make it clear they are responsible for the terms of the lease until a new tenant is found.

I recently was given the responsibility to manage this and learning how landlord tenant relationship works, how to work repairs, and how to think about future investment strategies.