To add on to the last post, also make sure the seller brings (or credits) you with the security deposit(s) and any pro-rated rent for the current month that you close.Regarding lead, I'm not sure about your state, but in MD, rentals must have lead certificates.

If you really don't want to live in the house hack, I think that it's more likely that you could take ownership of a small multi-family property by securing owner financing and avoiding the FHA loan process completely.

Especially since this is not in the best neighborhood you are probably looking at higher than expected costs due to turn over.Also if you go down this road charge High Security Deposit cover your back side because you will be using those funds to make ready the unit when they move out in most cases.

https://www.cpwr.com/sites/default/files/training/...When I was 14 my dad bought a warehouse that had asbestos insulation in the offices and I remember removing wooden creosote bricks with my bare hands and breathing in the foot of dust when we were cleaning the warehouse out.

If I am the only Sponsor / General Partner / Manager of the fund (as spelled out in the operating agreement), am I the only one who files a Schedule E at the end of the year - or do all Limited Partners / Members also file one?

Terminating the lease and filing an eviction for a depleted security deposit is a different issue than filing an eviction for money due. 

I am waiting on my security clearance and working on my Real Estate license.Nice to meet ya'll and add me!

This is when the tenants and in this case current landlord sign to say this is my rent, my security deposit etc.

SMLLL doesn’t file a return, the activity gets reported in your personal return.

You could get into trouble if you dispose of the possessions without going through your local legal procedures.I hope you have learned from this experience because you made a huge error by not filing for eviction when they first stopped paying rent.