I'm doing that with my cabins in the Smokies, but I own those, you're not going to find one to rent long-term.Moving furniture is expensive, especially long distance.  

Having an LLC is not necessarily a requirement, but may be prudent move based on your intended activity.

_____________________________________________________________Current Rents:House: Basement Apt: Current owner occupies $0House: 4 bed, former BnB, currently 1 room LTR, frequently STRs (travel nurses) 8001 BR Apt: $1000Studio: 900Cabin 1br: 1000Cabin Studio: 700Current Gross Rents: 4400___________________________________________________________Potential Rents - All rents are currently below market*:House: Basement Apt: Owner occupies $1500 ($0)House: 4 bed LTR $2800 STR $5500+ BnB 20,0001 BR Apt: $1500Studio: 1200Cabin 1br: 1500Cabin Studio: 1200*There is an addition attic apartment unused: 1200Potential Gross Rents: LTR=$9400 - STR=$12,100Tax:530/moInsurance:250/moAssumptions: Small family wanting to househack and come as close as possible to no monthly expense.

Transaction costs, seasoning, pre-payment penalties, DTI impacts, minimum lending requirements (more than 50-60k), and a long list of other issues make this a bad strategy.Buy 1 and see how it goes.

It doesn't have to be expensive or overdone. 

If so, what kind of paperwork is required to fill out.

City required asbestos removal first.

How we all get around this in the industry is the rest of the states if its a commerical purpose loan no license required..

These deals require REAL WORK but the hurdles can be overcome.

I value that because those tenants provide me with low turnover costs, low maintenance costs, and require very little time of my time.