I agree with Michael above that you should start with a commercial lease and have an attorney review it.

Try and meet with someone at the City to discuss - go to City of PHX Development Services and start there.   

Requiring renter's insurance (separate from your property insurance) is also very important since they typically would not have the cash reserves to pay for a major damage such as water damage, ruined floors, fire/smoke damage, and you will be sued by 3rd parties if something happens to them while at the house if they have to go to the ER. 

I've been wholesaling for over 8 years and I promise you, there is more knowledge to be gained by getting started and learning from real world, hands on experience than from paying $2,000 - $15,000 to some guru from Youtube.

IMHO, starting at $150 was way generous, and I'd stick to that number.NOTE:  If they actually couldn't stay in the property, they could claim that against their renter's insurance--that's one of the reasons it's there, and why we require it on every rental.  

Hello,I am setting up my LLCs this week to start my real estate investing journey and shortly thereafter plan on setting up bank accounts for those LLCs.

Wait til we start talking about management software and call centers!

Hi Sandra, First, let me start off by apologizing. 

I’ll start with one that was only doable under the special circumstances of the late 1970s early 80s.  

We have started to think about selling the property and using the proceeds to buy another home in a more desirable area where we believe market and rent appreciation has greater potential for growth.