My wife and I have recently taken possession of our first rental property a triplex in Ontario Canada.

second @J Scott  thought process here.. completely different animal from rehab.the GC will and is Key to your success. along with how are you going to finance it.. spec loans are not rehab loans.. very small niche and generally not available to first timers..now owner builder move into the home there are plenty of those loan products out there from local banks usually.I think moving into new construction is a progression... myself it was as a lender in possession IE I foreclosed on would be builders who went busto .. and I HAD to finish the projects as I was the money.... 

Get something in writing that says how much you are taking, when the tenant is responsible for taking possession of the property, and that a lease will be signed on XX date.

My question is, once I take possession and have them sign a lease, should I need to evict them at a later date, will the courts treat it differently since they used to be the homeowner?

If rent is XX days late then ___________ (add your own lock, take possession, auction their belongings, etc.)5.

I believe in Wisconsin you can establish adverse possession (squatter's rights) after 20 years.  

Make an off subject to the existing financing - ask for a delayed settlement with right of possession - clean the place up - increase rents and flip it for a big profit.

No need for the money to sit in your bank account  Does the note need to go anywhere other than a copy in his possession and one in my possession?

Investment properties, autos, personal possessions, home, boat, etc. identify the risks you want to protect against and thevassets you want to protect and that will lead you in the right direction.

Everything from using a NEST thermostat and keyless entry, to artwork and furniture that represents our style.