I am also trying to account for the eventuality that he could trash the place or a major capex item comes up while he is living rent free.Do you see other alternatives to structuring the deal where I shift liability and also reduce holding cost?

I don't even remove my listing from online until I have a signed lease, and their funds have cleared my bank account.

Do I need to contact the title company before I show up to set up the account?

Account Closed you could post the name of the property management company here on BP and maybe someone in the real estate business in San Diego will know what is going on.

Account Closed Are you looking for buyers?

As a homeowner turned renter and retiree from another state, I had assets (savings account balance) to prove my capacity to pay the rent for a year and a good credit score to prove my character of paying my bills on time.

If you have a USAA account those are pretty legit CCs. 

1. get deals flowing from wholesalers2. do your own deal research3. find houses that need a lot of TLC4. make sure you have a true comp (more is better) within 1 mile of your subject property that justify a good ARV5. run the rehab numbers w/ someone who really knows contracting6. build in a robust timeperiod to rehab and sale, along with contingencies for time and rehab7. get the best hard money deal you can get8. take into account all of your acquisition fees, escrow, title, HML points, etc...and selling fees (agent comm, taxes, title, etc)9. make sure you can at least make %10 NET of your sell price (so if you sell the home for $500k, your numbers should have you at $50k+ net profit in your pocket when you close and everyone else is paid.Onward!

While searching for an investment, build up your team: PRO's like RE attorney, accountant, GC, inspector, mortgage broker, and RE agent. 

Do I then pay my mortgage from that account?