Or you can decide on a 60/40 or 70/30 split of some sort. 

Isn't some sort of certificate of compliance supposed to be secured by the city inspector saying as much?

I don't have a problem with reasonable protections for tenants from slumlords but those should always be arbitrated by either a court, or maybe an extrajudicial body to free up the courts and hear issues. 

Hey Victoria,So there wouldn't be any sort of income taxes related to this transfer of property as it is not considered a sale or exchange. 

This was not like taking out a regular mortgage, There were all sorts of hoops to jump through and tons of extra paperwork to fill out but my Realtor and Lender made the process easy!

Hey Miguelli,My advice...1) Do not use a HELOC unless you are doing some sort of value-add activity.

.- Im thinking of not charging security deposit because of all the strict MA laws and just using the last months rent as a sort of security deposit, thoughts?

I've purchased a few units online and they don't require any sort of licensing. 

Is it possible for me to go straight to a utilities company, for instance, and ask for verification for this sort of thing?

Double closes, and all sorts of weird stuff we've always used Old Tampa Bay Title.