@Zachary Harr Personally I’ve researched other markets and have decided to just stay locally due to the headache factor of managing teams long distance.

Quote from @Diran Deukmajian: State laws vary, so you should talk to the Sheriff's Department and see what to expect.In most states, the Sheriff will show up and expect the person to be out.

Hey everyone,My parents have recently told me that their house is too big for them (4 bedrooms) and they would like to downsize to a condo/townhome.  They don't want to sell their home, however, but would rather keep ...

Like you said, a real estate attorney would be a valuable person to talk to, but here's what I have: Considerations: short/long-term rentals, co-ownershipTo keep your favorable mortgage rate, you can consider a Joint Tenancy or Tenancy in Common agreement without refinancing.

I understand if this person is renting the whole apartment unit, but how does the ESA works out in shared housing?

Hi Jared,For my furnished properties, I personally use Airbnb (and set to 30+ days for minimum rental period) and Zillow.

Investing for cash flow in my mind is fantastic, I just want that perspective from a more seasoned person than myself as it pertains to the long term. 

Also might want to look at bank statement, DSCR, or No Doc Options.

@Brian Willie this setup is very common to avoid having each Property LLC to have its own bank accounts.Only the Management LLC will need Operating and Security Deposit accounts.They all need to be single-member LLCs with the same owner, or else it gets very complicated.Find a good tax attorney to help set this up.

If the rent of that 2 bedroom was $1600, that person would expect to pay $800 rent and maybe another $250 for electric, water, heat, internet for a total of $1050 all included.