Do we need to advertise the property for rent for a certain period of time in order to not violate housing laws?

Failure to do these two things results in being thrown out, and having their slight belongings thrown out.Then they are homeless and must couch surf with friends until they can come up with another deposit of X weeks rent for another similar weekly room situation.The renters cash income may come from a job, or other (extra-legal) means.You will find situations like this in tough neighborhoods, and if Section-8 finds out about it--Mrs-X will be off of Section-8 for some set period of time, and have to fend for herself housing wise.

@Mike Trzaska - too many inquiries for financing ding your score, especially if you didn't "group" them in the 2 weeks (or 4 weeks) period they are bundled together and considered as one.

For pennies you can insure your rental income still flows in even if the home is unlivable for a period of time. 

What is the seasoning time period needed for funds in the donor's account?

@Eric MerrittFor your situation I would strongly consider getting a HELOC on your property in MI with interest only payments and NO prepayment penalty; also the longer draw period the better. 

Assuming $2600 rent, with 10% prop-mgmt fee, plus a 15% contingency, that leaves $100/mo cashflow which seems like is cutting it way too closeMy main goal would be to diversify my investments beyond stocks and bonds; also would be good to be able to apply the initial leverage I used during the purchase for a longer period of time for appreciation (not sure if that's sound logic tho); and finally would be nice to not pay the $30-40k in selling closing costs.Thanks in advance!

We recently flipped a duplex in San Clemente and I used my HELOC since it was only a relatively quick time period.

Hello,Looking at tax lien sales in WY, and the county i'm looking in has a 4 year redemption period.

If you BRRRR you can go much faster and are only limited by your reserves that you can save up and seasoning periods.