The plan would be to live in that property for 3-5 yrs, pay down the mortgage, then turn it into a rental.

Hello folks in Georgia / Atlanta,The Bigger Pockets Book On Rental Property Investing provides access to a comprehensive list of 34 forms that would be useful to a landlord including things like a lease agreement, application, late rent notice, move-in-move-out agreement, estoppel agreement, tenant phone questionnaire, pet addendum, etc. etc. etc.  

I currently have two rental properties, but they are not "on purpose." 

Here are the key points:Lender Policies: Most lenders require proof of stable rental income, typically shown through previous tax returns or a history of rental payments.

Then you can read a more in-depth book like The Book On Rental Property Investing by Brandon Turneror The Unofficial Guide to Real Estate Investing by Spencer Strauss.2.

Hi,I just started reading some books on real estate investing and wondering about the pros and cons of having a LLC for rental/investment property.

Hi, I had a tenant lined up for our rental property.

This creates two loan payments ($100,000 of equity and $300,000 on the new mortgage).Key NumbersHome Equity Loan Interest Rate: 6%Mortgage Interest Rate: 7%Rental Income: $3,000 per monthExpenses (management, taxes, insurance, maintenance): $800 per monthIncome and ExpensesMonthly Rental Income: $3,000Monthly Expenses: $800Monthly Mortgage Payment: $2,000ExplanationThe investor earns $3,000 in rent each month.They pay $2,000 on the investment property mortgage and $800 on other expenses.This leaves $200 profit each month or $2,400 per year.However, you have to pay $6,000 interest on the equity borrowed.This leaves you with an annual loss of $3,600.This example shows that while the rental property generates positive monthly income, the interest cost of borrowing the initial $100,000 results in an overall annual loss.

New to house flipping, but used to flip multifamily rental units in Los Angeles for landlords and oversee project for the landlord so I'm not totally new to the game.

The website Businessobserverfl mentions that rental vacancy rates in Cape Coral is 15.3%.