I would recommend getting formally  pre approved for whatever scenario you are  wanting to persue ....this free process will get you organized / educated and  prepared to  react  whena nd if you locate a  property to make an offer on 

Once you inherit them, you can chose to give them a formal lease, or keep them mtm. 

I believe there is a formal letter from his attorney wry to another landlord complaining of exactly the same problems on yelp.

There's no law saying we can't run credit, calculate ratios, collect paystubs, make assumptions about gross rent of new property, etc, before you formally "apply" for a mortgage.

You may want to think about who you can formally partner with to piggy back better financials, etc.

I have written a couple post on this site but I wanted to formally introduce myself to this amazing community.

From the IRS perspective, there is no difference.Would love to get Charles' opinion or anyone else that has a formal accounting background...

If it works out then you can formalize by using an LLC for future projects.

If there are errors with the legal description, then you would have to do a similar affidavit which is formally called a Scrivener's Affidavit which can be used to correct the typographical errors.

I'm currently considering yet more formal ways of addressing my charitable activities, too as they become a more important part of my day-to-day life.This all works best when created in concert with your legal, tax, estate planning and pension/retirement team and hopefully they all communicate well on your behalf.If you are serious about this, take the Dyches Boddiford class along with Jack Shea on trusts.