FHA regular loan or 203k.

I would run them just like a regular tenant.

Many of these people come from areas where dinner is whatever is caged in the backyard ,where household garbage is simply tossed out the window and using cleaning products is nonexistent .it will be a learning experience to say the least

I know in regular real estate transaction we include Transfer Disclosure Statements (TDS) and Natural Hazard Disclosures and Lead paint disclosures. 

I have a feeling that you do not have any entity, and based on your post, looks like you are a regular flipper.

My local lawyer that I use for 'regular' LLCs didn't want to touch it  when it came to the SDRIA aspect and advised to stick with the specialistDan Dietz

Rental income is shown on sch.E which is not subject to social security taxes (like FICA) but all the other taxes.When you're renting property vs owning, you can't depreciate it but your rent payments are totally tax deductible (vs only interest on mortgage is).Insurance: you'll have to get Tenant or renter insurance which protects the property and your liability if someone slips and falls, set building on fire etc. this is not your professional insurance - just regular insurance you have for your home.I don't see how kind of entity will affect the taxes: if it's just you the owner, LLC will be disregarded entity and shown on your own taxes, only on different schedules.

Rent is currently at $600/month but should be at $750-$800/month once the units are completely cleaned up.

Rent is currently at $600/month but should be at $750-$800/month once the units are completely cleaned up.

The BP podcast regularly has guests who successfully wholesale real estate property and there are countless examples of success vs. one person who says it doesn't.Continue reading and educating yourself through the books that people are reading and recommend.