I leave applications in the house and instruct the renters to email me the application with YTD pay stubs documenting their income.  

If they have any other assets of value you can instruct the sheriff to go and seize them, the sheriff will sell these assets at auction and then give you the proceeds.Meanwhile, you earn 9% interest while you're waiting to get paid.

Definitely - so far the terms seem on-par with other lenders, but you never really know of any hidden fees until closing, and then at resale.

Fi Fighter goes into excellent detail in their article on the hidden costs involved.

Throw away the IRS instructions, seriously.Yes, you can deduct 2017 taxes that you prepaid in 2016 on your 2017 return.No disrespect intended, but I consider the IRS instructions to be more authoritative than some guy on the Internet. 

Assuming the applicant passes normal screening I would instruct them to set up a separate account of their own, deposit the years rent, and then provide me with 12 post dated checks for rent drawn on their account.Many offer the money as a bribe due to the fact that they are not qualified applicants.

I found the form and it opens by saying "General Instructions: The Property Condition Disclosure Act requires the seller of residential real property to cause this disclosure statement or a copy of thereof to be delivered to a buyer or buyer’s agent prior to the signing by the buyer of a binding contract of sale." - Never received this.

Loose receptacle or leaky faucet, a few days or week with instructions to not use it or temporary fix (bucket) is probably fine.

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Recharacterization of Passive IncomeNet income from the following passive activities may have to be recharacterized and excluded from passive activity income.Significant participation passive activities,Rental of property when less than 30% of the unadjusted basis of the property is subject to depreciation,Equity-financed lending activities,Rental of property incidental to development activities,Rental of property to nonpassive activities, andLicensing of intangible property by pass-through entities.ReferencesIRS Publication 925: Passive Activity and At-Risk Ruleshttps://www.irs.gov/publicatio...IRS Instructions Form 8582: Passive Activity Loss Limitationshttps://www.irs.gov/publicatio...