Also, there may be state regulations as this would be considered a form of submetering, and you need to ensure that you follow the procedures that are outlined for compliance.

If you have a contract with the seller and cash to close ; it should be an easy quick file for them to work to ensure both sides are protected.

If there is any lead I want to ask for a concession  in the sales price to offset the cost of dealing with the proper removal of any lead.Q: Is there any reason that I should not performing the testing? 

I just want to make sure that I am reporting the income on my taxes properly.

Proper insurance is what most need  and most of us are most.. that's why insurance exists. 

Zelle .com has partnered with over 30 banks in the U.S. to send money to individuals regardless of who they bank with and the funds goes right into your account.Just make sure you have a unique email or phone number so your tenant can add you as an contact to pay you.After the setup of your chase account and the activation of quick pay, test it yourself to ensure it works correctly (which it would) try having someone you know send like a $1.00Hope that helps...sorry for the long memo...

With any month-to-month lease, the landlord can raise the rent, change or terminate the agreement at the end of each month, with proper written notice to the tenant.

A quick google search for NC brought me this result: https://www.lawhelpnc.org/resource/proper-notice-o...I would start with the town where you have your property and ask about eviction rules or look for them on their website.Best! 

@Caryn CasarezIf I've properly understood you, it seems the scenario is one in which the IRA was the equity partner on a buy and rehab project.

But deals do come up if you eyeball the market properly.