Finally, I must say, I'm not a lawyer, but i do try to understand carefully the legal issues applicable to the Notes I acquire.

Consult your contract and applicable state / local laws for rules to follow. 

I've been listening to BP podcast and watching some YouTube videos from BP and others to see how to start, to see if it's for us, to see how to make it workLooking forward to meeting others making money in real estate in the area whether through a BP meet-up, or a local REIA meet-up.

Have watched values in Portland and suburbs since the late 70's and know close-in might drop 20-25%, outlying can easily lose 60%, if you can find a buyer.

Take an application.

If you want my full library, PM me.While the general theory is fairly universal, depending where the OP will be investing, many of the references above will be lacking detail applicable to his home market.

Here are some online places to buy state-specific legal documents:LegalNatureLaw DepotUS Legal FormsTenant Application:  You will want a standard application form that tenants must submit. 

Important to tell them during the application process.Doesn't Matter:  You only care about collecting money! 

Also, requiring a prospective tenant to fill out an on-line application before being contacted to make an appointment might cause a lot of people to just go to the next property in their search results list. 

I just watched the great video that @Brandon Turner did, How a Newbie Can Start Building Wealth Through Real Estate.