Dee - As a newer investor, some of the options using "Agency Debt" (aka Fannie and Freddie financing) may not be available to you as they require 2+ years experience in multifamily space.

I would require renters insurance and make it easy for them to purchase providing online options and suggestions to add to their car insurance, etc.

Required distros for tax consequence.At the same time I kinda snicker a bit since the buyer... the investor... thinks they found the next Apple or Tesla investment (and they are clearly the smartest in the room), and then go off the rails when it all goes south, I can't help but shake my head and have a small giggle.A fool and their money soon go separate ways, Yes, but don't you wonder how they got together in the first place?

There may also be a requirement to give 30, 60, or 90 day notice before the relationship can be canceled.So your friend may want to consider canceling right before or during a slow period so that they don't have too many existing bookings "owned" by the agent.

Additionally, explore technology tools that streamline remote property management tasks, such as online rent collection platforms and smart home systems for monitoring.

The requirements and codes vary a lot.

As I learned that I also learned how to set up business processes that allowed me to very quickly do the manual work required in running a str business easily and for free.

@Lor Fara Great questions.Regarding Underwriting: That's is a fancy way of saying "running your numbers" (according to your pre-determined returns, criteria, or goal requirements). 

Most Hard Money lenders will require a personal guarantee. 

That may seem obvious but in my experience, 99% of ongoing maintenance issues are because the property is old and needs either a large cash infusion to make them go away or what I like to do is 1031 exchange into something newer that requires less work.