This lowers the chance of triggering the “due-on-sale” clause.Consider a Land Trust to transfer ownership without alarming the lender.Once transferred, use the LLC’s account for all rental income and expenses to keep it separate.This post does not create a CPA-Client relationship.

While you may be trying to do the right thing, if you buy the house from them below market and they find out later on chances of you getting sued by a pro bono attorney is very high.

This would give you more legal standing if they don’t leave on time.Walkthrough: Ensure you do a thorough walkthrough with your general contractor once the seller is fully out to assess any new damage or necessary changes to the scope of work.Planning ahead like this will give you peace of mind and reduce the chances of things going sideways during the transition!

I agree with @Chris Seveney that he doesn't have any chance of fixing anything with a custodian and needs to focus on making sure tax returns are correct and assets are moved to his personal name. 

Hey @Chance Lee , I personally have Airbnb and other OTA's remit all taxes to me.

Then you'll just have to take a chance and find out.I have my theory about who succeeds and who doesn't and I'm working on a Blog to explain it.

Thoughtful pricing and presenting your property in its best light are what will capture buyer attention.Your Move in Today’s MarketFor buyers, this is your chance to explore a wider inventory and find the right fit.

But good chance you could stay in the conventional lane because you can use sched E income after one year.  

It ensures a smooth selling process with less chance of the buyers backing out and having to go back on the market again.

@Yixiong Pan if you have no renovation experience, there's a high chance you will get eaten alive by contractors!