Think of 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.

If there is just a note it would be an unsecured loan, still a loan but not secured. 

Now that you're locking in on deal number two, have you thought about seeking private lending from persons in your network (e.g. family, friends, mentors, etc.)?   

Recently I have found a good private money source and I have started doing flips. 

None of which I, as a private investor looking for properties to buy, am doing.

Everything from tax strategies, different vehicles and how to leverage them, the impact of regulations in different markets, tax liens investing, mortgage note investing, various forms of creative financing, private money lending, real estate syndication, etc.

The intention is to maximize the deposit where asking for first, last, and two months security up front is just too much for most folks, but where they might have no objection to paying one month security (say $900) while spending an extra $75 per month to build that up to $1800 by the time a year passes. $900 doesnt fix all that much if you have a bad apple.

Do you mind if I send you a private message, I would like to pick your brain about the turnkey market in Cleveland.

@alex deacon, thanks for your reply appreciate your advice, in the future i would like to navigate PA market, send me your information in a private message..

I'm eager to get a better understanding of the terms of the arrangement, and particularly the specific documents used to secure and document the transaction.I'm reaching out to you via BP message now...