That is how you will see these type of rentals referred to.

.- I called a title company to help me with the process and they graciously referred me to an attorney they work with.- Using an attorney for a real estate transaction and mortgage structuring has been so easy and very cost effective.- Offering the seller more than they thought their home was worth made them willing to finance the home for 0%.Bottom Line - 1. 

Just for a reference we do charge smaller portfolio owners the full 10% because it is quite a bit of work doing all the reporting on just a couple of units and time does not scale well, however as they grow our fee gets reduced.

I would not recommend trying to rent to locals in those towns, they can't afford 2-2.5K rent a month obviously and a lot of career renters simply jump from house to house in the same community over their lifetime faking income and references. 

They can refer you to contractors, property managers, inspectors.Feel free to contact me if you have any questions I’m here to help as a fellow investor that is probably going through or been through what you are.

It would be even better if you were referred by an active commercial broker.  

What I’m referring to is an agreement that is recorded somewhere, perhaps in the deed transferring the properties, that would be binding on any future buyers.

Ps… for reference, this is my wife’s brother, we have a great relationship and have been married to his sister for 20 years.

Does anyone have any relationships or references for a lender on this amount? 

Any liquidation event (payoff, sale at trustee sale, REO sale, or re-sale of the loan) is the "sale" that you refer to above.When this number is applied to the cost basis (the ledger of the Other Asset), we are left with the "Gain/Loss on Sale," which is an income account.