@Peter Bui,I also forgot to mention you may want to have a quick chat with a closing company and/or attorney where the sale will occur to talk to them about specific documents your state may require.  

Your prospective tenants will need to still fill out an application and that is on you and your own due diligence on screening them with past landlords, income verification, ect... as mentioned.

As mentioned the first investment is scheduled to close anytime soon (maybe this week) and the purchase is scheduled to close July 31.

@Mike Castellow Thanks for the mention!

Quick Question, You mentioned that you flip homes!

Make sure the option is NOT assignable or assumable to prevent above mentioned scenario.

Your post mentions only kitchens and baths.

Here are demographics and economic factors we're watching that could translate to a housing slow down.The largest group of borrowers, baby boomers, are aging out. 

You’ve already got his initial support so as you continue to learn you’ll be able to explain everything in your own words just like @Chris Nelson mentioned.

HI all,Let me preface this by stating I've utilized the search function to go through threads for kids similar age as me who want to get into Real Estate Investing.