Turning my primary into a rental after buying a new home.  Conflicted on whether I should sit down with a lawyer to draft a lease, or if Zillow's basic lease is sufficient?  Was also going to look into transferring my...

I’m wondering if it is worth it to send them to collections?

Once we fix our side up and move in the property should be worth $200k-$250k (it was very undervalued at time of purchase).

Houses that need less than less than $30,000 worth work so not something that is not too old.I am trying to do the same model as Dr.

It might be worth a few dollars to get an opinion from a lawyer in your state, and even your county if it is particularly active. 

But he gave me a phone # which I traced back to Xplicit Home Loans and someone called Hughes Reid.I got suspicious when he said they did not need to do an appraisal and could close in a deal worth $2M in 4 days!

Example you are owner operator and it clears 200k a year profit so at a 3 multiple worth 600k about as a business.

It is at least worth investigating to see if it is a better fit than FHA loan.good luck

But it definitely works around the w-2 income problem, so that would probably be worth it.As for purchase price, we’re already going the seller finance route with a six month deferral on payments and a five year balloon, to make the renovations less impacted by initial cash flow.

Quote from @Matt Taylor: If your numbers are correct, this looks like a deal worth pursuing.