With minimal expenses, I netted $3500 in cash flow for the year.Investment Strategy: This was an appreciation play, I could cover if it went wrong.

Very interesting subject.

The other suggestion I would give would be to search for podcasts about the subject.

People elect to be taxed as S Corp to save on self employment taxes, but rental income are inherently not subject to SE tax, thus S election is not needed.S Corp also complicates the transaction if you ever want to sale. 

@Chayson DesciscioloYou definitely will want to have an attorney draft up the document - I've seen too many DIY agreements that don't cover the person the way they want or thought they were covered and it ends up costing more in the long run to fix it than to just do it right the first time. 

The best thing you can have ready would be some tarps, a couple dozen 1x2 wood strips to hold the traps down.....if you lose a bunch of shingles you need to cover the roof....it will be a couple of weeks before you’ll likely get someone else to do it.

I haven't done an assumption of a loan before or subject to the existing mortgage.

Some states have a recovery fund for licensed contractors but may not cover non-owner occupied or commercial entities.

In Northern Indiana (Nisource), it used to be 20+ years ago (and I assume its still the case)  you would have to put a deposit down to cover the gas and electric distribution services, and you could get some credit back based on houses going into service with some assumed usage patterns.City run utilities and REMC's would have drastically different practices. 

Get an umbrella policy to cover liabilities.