@Jane DangThere may be tax implications.You want to speak with your accountant to see if there are gift-tax implications.You also want to check in to see who would be entitled to the real estate taxes as a deduction on an annual basis.

I’m spending quite a bit of time every day analyzing deals.

Solid work, reasonable pricing, and he shows up on time every day and cleans up after himself.  

@Peter Fuentes Motivated sellers are created every day.

My biggest asset is my mobility, since I'm single and travel 80% of the time for work on a regular basis.

@Jaysen Medhurst, I was able to qualify for a HELOC, If you don't mind looking at the terms.Assuming an appraised value of $225,0001stmortgage set up at $180,000 80% loan to Value (LTV)HELOC (Home Equity line of credit) set up at $33,750 15% (LTV)Combined loan amount $213,750 (95% of the appraised value)Interest rate 1st mortgage 3.875% 30 year fixed rate conv loanHELOC interest only ARM: WSP + 1% (3.25% Current WSP index + 1% = 4.25%) Principle and interest payment would be $846.43Full monthly obligation including Home Owners insurance ($100 per month) and Taxes ($100 per month) : $1,046.43The interest only payment on the HELOC assuming the full draw of $33,750 at 4.25% would be $122 (shown above) Total monthly obligation between both mortgages : $1,168.43~$25,000-26,000 would be the cash available from the HELOC at closing What this refinance accomplishes: ~$25,000+ out in cash for the real estate investment opportunities Escrow refund – should be a wash with what we are estimating we would be setting aside to start your escrow (~$1,200) and that is your money to do with as you please Creates a HELOC that you can tap into on an as need basis (during the draw period which is the first 5 years).

My basis for eviction would be the non-leased occupant and possibly animals in the property though that is a tricky one as it states in lease that pet fee is considered rent (which they have not paid) and I can not evict due to late rent payments?

I don’t want to rent the house on a per room basis and have three individual leases.How to I go about renting the house out?

Hello Everyone I would like to get your opinion on how to best handle an investment.I am purchasing a Condo as an investment but there is an existing tenant who has been living in the condo for 5 years on a month to month basis not a contract.

Have a look at BP's blog where new articles are published every day: https://www.biggerpockets.com/blog 4.