We would NOT need to order a 1007 market rent report if we had either:1st months rent and security deposit2 months of rent deposits (canceled checks)If it’s a departing residence we could only use rental income to offset monthly payment (we couldn’t use extra income if 75% of the lease was 3,000 and mortgage was only $2,500 I couldn’t give $500 of income to boost DTI unless he has moved out of the home for some time and we have 1 year of history of being a landlord (which it sounds like we do, just not sure if he’s just moving out of this home).

Examine past vacancy rates and take into account different rental kinds, such as apartments, single-family homes, and dorms, to determine this.

I assume you’re checking to make sure they literally still live there.  

My personal investment philosophy would avoid leveraging my primary residence unless I had plenty of reserves to ensure I would be covered in that kind of situation.

Do background checks on anyone applying. 

Rent collection, tenant communication, template leases, electronic lease signatures, marketing, tax form prep, move-in/move-out forms, automated email reminders, background/credit checks, this list goes on.  

My only suggestion with Zillow is to TRIPLE check the persons Identity (Have them show you their driver license during a showing), Call their last landlord, and call their employer.

For the future you should have a check list of items to refer to. 

A 1031 exchange is a tax-savings strategy that allows investors to postpone paying capital gains taxes upon the sale of an investment property by reinvesting the proceeds through the purchase of another property (i.e. a like-kind exchange).

Here in Louisiana the Department of Health and Human Services Division of Health and Hospitals most License Adult Residential Facilities of any kind plus, a Certificate of Need is required.