Keep your personal safety and that of your tenants and neighbors in mind. 

I also did a 35k loan for a house with The Equitable Bank.

House hacking will also give you some personal "property management" experience.

For proof of funds I just screenshot my bank account.

Never had to do this ever before  There are two ways to do this, google and find a template online or get a realtor that can use some promulgated documents by TR.Per law, no-one can write you a legal document except for an attorney or the person providing the document will be infringing the law.In terms of the tenant leaving there is no point to pursue any legal way and for you to get possession, you create a termination notice and then in 30 days you can take possession.

The mortgage is likely also personally guaranteed by current owners.

House hacking will also give you some personal "property management" experience.

Some takeaways from him:Treasury Regulations section 1.280A-2(i)(3) gives a couple of ways you can proportion the rental portion of a property--my accountant used square footage.Under section 280A of the tax code, common areas that you also use are considered part of your personal space and unfortunately aren’t counted as part of the rental space in the proportion calculation.

The majority owner should be required to sign reps & warrants at closing to be personally liable for them.You didn't mention checking the plumbing - hidden plumbing leaks can cause more damage over time than just about anything else!

That said it has become an issue in the recent purchase of my personal home.