But what you're finding is that it is still a fairly complicated structure. 

@Jessica Walker if you plan on solely being a wholesaler then I wouldn't recommend getting your RE license, it just makes things more complicated.

I need an attorney to help me as the landlord with a few complicated issues, that I’d rather not get into detail here.  

To add more complication, some states Sol begins when the loan is accelerated.

Your comment made me think though in relation to the costs of foreclosure in a geographic sense and mentally compare to the discounts we apply when we purchase a non performing loans with no foreclosure start date versus LTV norms for HML.There is a difference amongst states due to foreclosure proceeding times and being judicial and non-judicial.

It could be something else which might complicate the deal but also adds opportunity.

Capital improvements get added to your basis.The rules for handling converting a residence into a rental property are complex, and, having never dealt with them, I don't understand them.Your situation is further complicated because your father is giving you this house.

So, if there is a significant problem, say the septic needs to be replaced you'll have a problem going back to the initial seller when he thinks it's sold under your agreements.If there is no servicing involved, the original seller can stop making payments while collecting your payments, while he would be liable, it happens and your deal is done.Insurance on the property can get complicated.

. :)BTW, better check into our lending laws, rather complicated and you'll need a license as an LLC business type lender.

This might provide you with additional leverage, to be used very judiciously of course!