However, if you have other resources (e.g. cash, income, stocks) that you can rely on to ensure there isn't a default that helps the situation.

That makes you an ethical player - a rehabber who adds value, improves neighborhoods and provides good housing for buyers. 

Do that well and you have yourself a good start.You should also make sure to check your state laws and make sure you speak with your real estate attorney to ensure you operate legally and ethically.

You'll also want to ensure you have a good property manager to look after the upkeep of the property if you are not there to notice anything deteriorating or which may need attention.This article goes into a lot of the considerations about whether to form an LLC or not: https://www.mmpph.com/wp-content/uploads/2019/04/May-2019-newsletter.pdfCreating an LLC in California would cost you a minimum tax of $800 every year.

My partner and I would like to ensure we are not advertising the property specifically but rather the contract.

Given your closet situation, which isn’t ideal, I would cordon off a section of one or more closets, while still ensuring that every bedroom has at least part of a closet for guest use.

@Carson Pethan glad to hear you got the forms from Wisconsin Legal Blank - they are very good contracts, you need typically 5 or 6: the lease, rules and regs, lead addendum, smoke and CO, pet agreement and non-standard lease provisions.At the day of closing provide the tenants with an intro letter to ensure them they are not getting kicked out, plans for new leases, your contact info, how to best reach you and when, how you wish to receive rent and anything else that matters to you.You could consider keeping the leases, MTM has certain advanatages for the landlord - but if the contract is poorly written might as well...1.)

Welcome to the big players homie!

I'd love to have more D4D leads but don't have the time to commit to performing this consistently.As you grow your business, it's important to have various lead sources to ensure consistent deal flow and financial stability.

Whenever you are buying a property out of state you should do a few things to ensure it's as smooth as possible.Don't buy in the roughest neighborhood in the urban core.