The legal consideration exchanged is their rent paid to you on the schedule outlined by the new lease and the home you just agreed to provide them.  

If I do decide to get licensed I was hoping to get some real estate agent experience, however I'm unsure of the feasibility of that with my upcoming Summer schedule of early morning/afternoon classes with Fridays free.

I already scheduled showing appointments for potential investment properties for this weekend.

In fact just 1 hour ago my oldest daughter had me schedule a showing for tomorrow to see another 6 unit she wants to purchase.

He/She would have contacts for PMs that could be trusted.Lastly, your eyeballs can not be replaced by email or texting - - schedule time for an onsite visit and interview the Agent, PM prospects and to see some candidate properties.

Make sure you run your number to confirm the property can carry the debt service costs.Once a month is more than enough to be on site, make sure the management company doesn't let things go and that can be a nice trip to take with your dad to go see the property (unless you were involved all these years, you'll need his experience to identify things that might need attention and are not taken care of).On top of the on-site visit, schedule a weekly meeting (can be a web session like Zoom or GoToMeeting) with the PM to go over the property status and the finances.Lastly, I'd install security cameras on the properties so you can check in remotely at random times and see what's going on at the property.Once again, this is just what I would do and as I said in my previous post, I'd start all that with a meeting with an estate lawyer and a CPA.

Then, you msy be able to deduct expenses on Schedule E.If you were still repairing the home pr getting it ready to rent for all of 2016 and never had it available to rent, you cannot deduct expenses on Schedule E.

So figure out what % of the square footage you are living in vs. renting and deduct accordingly on Sch A for personal home expenses and schedule E for rental expenses.Also, I would advise consulting a tax advisor in your area.  

When in doubt, find a good real estate attorney and schedule a consultation.

Only here for a few more years...maybe longer..not sure.Home I'm currently in is beautiful and I've kept it up well and paid on schedule each month.