You may benefit better by tagging Little Rock, Arkansas instead of Memphis TN.

Im a realtor here in Tulsa who specializes in investment properties and I would recommend visiting the OREC website by clicking the link below that will take you straight to the 'Residential Lease Contracts and Forms' tab. https://oklahoma.gov/orec/contract-forms-and-related-addenda...

3- To record incomes and expenses correctly for tax issues, do we need to make an official contract for the renovation (between the LLC and one of the owners), or is simply issuing invoices and receiving payments in the LLC’s bank account enough?

If you link it with the BRRRR strategy is a good way to supercharge your acquisition speed.I will be happy to connect if you have any particular questions about it. 

  :)Financing for FHA and VA  will evolve to address their issues. 

Hi Matthew, Remember, navigating legal issues with tenants can be complex, so it's crucial to proceed cautiously and seek professional legal advice when necessary.

While the IRS allows this, it is a taxable issue.

If so, that will be an issue, unless there is a specific bank loan that keeps the note in their portfolio and is okay with the condo being non-warrantable.

For an example of what I'm concerned with :  My tenants are actually really good, but right now I have an issue where a friend of a tenant literally just drops trash out the window!!!  

*(When viewing gallery in dashboard, the listing will look unchanged, it's not until doing a private search that you'll see the new look of your listing) When that e-mail came Feb. 27th, a VRBO rep told me to keep making complaints from my dashboard using the 'Help-Feedback' links.