Consider all the things that could go wrong and see if the lease addresses them: unauthorized pets or tenants, early termination, security deposit, lease violations, late rent, eviction, lawn maintenance, parking, etc.5.

Hi Daniel, Would you be utilizing one of the units in the duplex as a primary residence or do you plan on renting both units from the start? 

Rent bedrooms. 

Additionally, what if I sell the extra lot to an owner occupant and rent out my units.  

- Would you recommend trying to rent to Section 8 tenants? 

New Member here, I live in palmetto, I'm looking to grow my business, I'm new to real estate investing but not new to home investing, I own c2cmobilehomes.com amd sell roughly 400 mobile homes a year but all on rented land, I'm in the middle of my 1st real property investment, hoping it goes good and I have many more in the future, if there are any wholesalers in the area of manatee Sarasota I'm looking and ready to buy rehab properties... 

Is there any chance you can find someone else to rent it for part of that time? 

The items you'll need to track are:Date of ExpenditureVendor Name/Tenant NameAmountCategory of Expense (look at a Schedule E to get this)/ or Revenue Type (Rent, Deposit, Utility Reimb, etc)Property (for when you have multiple properties.Put it in a nice column format like this:Date                     Vendor/Tenant                Amount                      Category                  Property1/1/18                   Joe Smith                         $1500.00                     Rent                           123 Main Street1/5/18                  Home Depot                   - $20.00                        Repairs                       567 Oak StreetSo that when you share your spreadsheet, they can filter for what they want. 

The new property should have some amount of cash flow, provide additional tax benefits, and appreciate in value while having your bills paid for by the new tenants and the new rent which in my opinion would be a better return on your investment than simply recasting your loan.

We have some properties we own and prefer to not rent but are very interested in holding the mortgage long term.