Converting your single-family home into a rental property involves several considerations to protect yourself and ensure smooth operations: Establish an LLC:Liability Protection: Holding the rental property in an LLC can protect your personal assets from potential lawsuits related to the property.Tax Benefits: An LLC can offer tax advantages, such as pass-through taxation, where rental income is taxed at your individual income tax rate.Insurance:Landlord Insurance: Ensures coverage for property damage, liability claims, and loss of rental income.Umbrella Policy: Provides additional liability coverage beyond your landlord insurance, offering extra protection.Deductions:Mortgage Interest and Property Taxes: Continue to deduct these expenses.Depreciation: Depreciate the cost of the property over 27.5 years, excluding the land value.Maintenance and Repairs: Deduct costs related to maintaining the property.Property Management Fees: Deduct fees paid to the property manager.Filing Taxes:Schedule E: Report rental income and expenses on Schedule E of your tax return.Separate Accounts: Maintain separate bank accounts for rental income and expenses to simplify bookkeeping.Lease Agreement:Solid Lease Terms: Ensure your lease agreement is thorough, covering rent amount, due date, late fees, maintenance responsibilities, and eviction terms.Legal Review: Have the lease agreement reviewed by a real estate attorney to ensure compliance with local laws.Tenant Screening:Background Checks: Perform credit, criminal, and eviction history checks on prospective tenants.References: Contact previous landlords and employers for references.Property Management:Regular Inspections: Schedule regular property inspections to ensure it's being maintained properly.Maintenance Fund: Set aside a reserve fund for unexpected repairs and maintenance.Moving Out of State:Communication: Maintain open communication with your property manager.

I would personally encourage you to use debt if you are looking to wait 3 years to get started though.

RegardsGiles DalrympleIn my personal opinion there were lots of red flags with Lane Kawaoka deals.

Next to 0 unless it is coming from a personal contact or a HELOC or something like that. 

We run in-person meetups in Northern New Jersey on the first WED of every month, but in July it's the second WED in Morristown.

I personally won't be doing them here in MD, but some people specialize in acquiring those types of properties and I would strongly suggest you to attend local meet ups and try to speak with someone who had done it successfully and never got burned.

If you are thinking of creating a secondary market of some sort, you'd be the third person in the last 5 years that I've talked to and answered this exact question. 

see link http://www.dupageco.org/Recorder/3392/You can search personally or online.

Other option, be a person of solution on where they are going next, help them find a place rental etc., or get them lined up with a residence in and pay for it for the first month. 

When I've met the dog in person, it's very calm and nice; it just seems to bark a lot when its owner is not home.