When I bought the home I was not interested in cash flow, just pay it off and later reap the benefits.  

The law will enforce the lease agreement, as long as it legally abides by your jurisdiction's landlord laws.For future tenants, adding a type of "escape clause" only benefits the tenant.

The best approach to do it correctly is to systematize everything.And in that respect, it makes sense to use the same template.You can adjust that template as you go along.There is no point reinventing the wheel.Which is what effective flippers do. 

Disclaimer: I am going to speak with an accountant and get some tax planning advice in April (soonest I can get an appointment), but in the mean time, I would like to start looking for rental properties now if it would benefit me this year.More Info: Currently, I have a business that brings me about 100k income.

Assuming that I will be unable to finance the purchase with an LLC, is there a benefit to having the checks deposited into a bank account in the name of an LLC? 

., but keep the license in some "reduced" status, so I can still possibly reap the benefits of the real estate professional status for real estate investing.

Funny enough, I work at a bank and am good with numbers and have always wanted to leverage my analytical strengths to better benefit me instead of my employer.I live in San Jose, CA and know that I don’t want my first RE experience to have a high tuition cost so buying in the immediate Bay Area is out, but have read some discussions around Stockton, Modesto, and Merced that sounds like it might be a viable option.

I come from Singapore which is a similar market and was I glad to buy there what I could afford coz I've netted some significant appreciation before there's a slight adjustment.

Buying Subject to the sellers financing staying in place ( very little competition with this in our area ) Master Leasing, Options, Lease Options, Highest Bidder Sales, Wrap Loans, and How to structure Seller Financing terms that benefit sellers.

Old landlords like the monthly and tax benefits of that sometimes.