Then I did the same on the second home that way I could give detail descriptions to the lender on what I wanted to do for the rehab; that way he also felt more confident what the money was exactly going to!

Agreed with @Nathan Gesner and @Wesley W. that the contract governs, but your description leaves open a possibility for a rent increase.

We clearly do not know enough about your case to render such an advice.A couple of general observations:- based on your description, you do not yet have a good grasp of how taxes work with real estate.

Or maybe it's that even though I'm only 38, I'm kind of old school and just want to have a paper lease with a signature.Either way, I'd be sure to put the lease requirement in the listing description and mention it in any initial communication.

We are geographically separated and the new home will be my primary residence. 

There is a ton of development/redevelopment going on there, and geographically it makes sense.I'm an investor and investor-agent in North Jersey.

I'm not saying that it's impossible but one should be realistic about the time it takes to self manage and start up from finding a handyman/maintenance, GOOD cleaners, listing description, professional photos, dynamic pricing, frequently doing the enemy method, channel/booking/auto response managers, business hours, business phone, generating return statements, hiring and training virtual assistants/co hosts (which will expect a fee anyway), background/criminal/credit checks, dealing with tenant questions/demands, reviews.

The best chance of success is to (1)take the time to educate yourself about all aspects of real estate, from real estate law, to real estate theory, real estate finance, and finally the specific market, both geographic and property type, that you want to specialize in.  

@Jaysen Medhurst I failed to elaborate more in my description of the seller terms, as I didn't want to get too wordy and left it open ended.

That is... agent works in state A and can't bid on properties in state B.I have read a ton of stuff on HUD's web site - but have not found any stated restrictions regarding limitations on geographic locations.Are there any?