If you don't, you shouldn't need a complicated agreement, just something simple that you agree to let them stay until day X for rent Y, but I'd make it an addendum to the existing lease so all that good legal language remains in force.

Common, but in my opinion very unnecessary, I avoid companies with that fee3.

This is the most complicated insanely written piece of garbage with respect to handling the housing situation ever written.

It sounds like this would be a case by case basis depending on the quality of a property manager, with some difficult times right now I don't want to bombard my PM with unnecessary questions as I hope they would be able to handle a tenant who was unable to pay rent. 

We need title insurance but it doesn't look like there will be any complications.

Renting on a per-room basis is great, but you can definitely have other complications like more wear n tear, especially when renting to college students.Overall, I think it was a great experience for me personally.

I think there's a lot of unnecessary pressure that people take on, because they look at others "absolutely crushing it" and then they feel like a loser because they only bought 1 rental property in the last year. 

After the 5 years, I effectively own the property free and clear and can reap all subsequent cash flow.The major hurdles with this plan (that I can think of at least) include:- Creating complicated legal documents that attempt to lay out how much cash the seller is owed each month- Finding sellers who are willing to put up with the hassle of this type of transaction, especially for the smaller deals I am looking forThe biggest 'pro' to this idea, however, is that the seller gets residual income for 5 years (which may seem like an eternity to some people) and I, the buyer, accomplish my objectives in acquiring homes w/ less money down and setting myself up for cash flowing properties in Years 6 and beyond. 

If it is free and clear, you could possibly use owner financing, though if you have multiple extended family members that could get complicated.  

Yeah thats the option I am trying to explore to see if i can treat it as ECI without establishing LLC as there are complications in India for foreign business entities.