Honestly, as sexy as it sounds to be active and go after them on your own, as a rookie, even with some book education, the real world can knock you on your azz so I would suggest going with a very experienced and proven sponsor.

I'll see if I can track down a suitable NoD template that I can work with for those very specific instances.Thanks again,Steve

Just ensure you keep track of when the property use changes.

I mark the applications down as they come in to keep track of the order in which people applied, and they have to follow up with employment verification, background check, references as well so I can tell who is the most qualified and serious applicant pretty easily. 

Just be sure to thoroughly vet the operator’s track record and the deal structure.

For asset protection, LLCs are over-hyped - you just need good insurance.Set up correctly, an LLC may give you decent anonymity, so tenants don't know you're the owner and can't track you down to retaliate (happened to my manager). 

I use Stessa only for the tracking feature (transactions).

Quote from @Tim Casey: Hi there...you're definitely on the right track with your investment strategy.Selling your Atlanta property might be a smart move, especially considering your ARM and the potential for rising interest rates.

You can do this without a coin-op feature, but then you have to bill the tenants for small amounts which is just one more thing to have to track and follow-up on.

You only need a place to track tenant information, payment history, maintenance, etc.