Hi Andrew,Owning can definitley be more affordable than renting if done right.

Particularly those from out of state and not familiar with the Charlotte (or Southeast) market.

Enforce all late fees and make sure you are charging the maximum your state allows.

Specifically, anything indicating that the lease is completed and both sides have no claims or issues with each other.There's no "standard" agreement that I'm aware of, but we've done a bilateral "Termination of Rental Agreement" when we wanted to document that a tenant has officially moved out, that there are no outstanding funds owed, and that there are no claims or issues.These agreements are particularly useful when doing "cash for keys" with a tenant.I would keep it simple: State in the document exactly what you want to establish as facts, and then run it by an attorney for good measure.I'd also recommend requiring the tenant's signature be notarized.

I would aim for long amortization and a balloon payment of at least 5 years so you have time to get your finances in place.I don't know if you own a house, but you could use a HELOC to cash out the sellers.

If your long term goal is to own rental properties, it might be worth keeping and pulling equity out for a down payment on the next house.

I wasnt sure if CRA was some local/state agency in the US. 

Owning these has been a completely hands off "investment". 

I just find it so strange that I had 3 evictions out of the 3 homes I own.

Our family are relocating to another state and we want to rent out our house that has a pool.