I was going to renew their lease for another year, but now I think I should just let the lease expire and "default" to a month-to-month agreement as provided under OK state law.

HI @Amanda Hoening,Just to clarify one item, Be prepared to evict the son, daughter in law and father for non payment.

We definitely don't want to do anything against the law.

They usually are putting more down and it’s not as strict with the inspection requirements as FHA is

It is always recommended that you seek advice from a qualified professional if you are in doubt about the laws or how they boil down to what you can and can't do with your retirement savings.

In addition, even for a few loans, you need a formal Compliance Management System to cover over 20 federal laws, some of which has additional requirements for Texas.This is all doable.

(I can't tell you how many people have told me that they could not invest in one of my deals because they had decided to use the money to buy a new house instead.)There are also strict rules about who you may let into your deals, to avoid trouble with the SEC.  

Jon Goodman with Frascona Law Firm is our attorney.

Whatever you decide, just be sure to check the laws in your state.

State laws vary on Workers Comp., but discuss it with your agent to see if you can require them to have coverage.