Learn about local zoning laws and building codes.

I would like to transfer the property into my own name so that I can utilize the equity to acquire rental properties.

To get a crash course in tenant screening and local tenant landlord laws I'd recommend going to a local REI meet up. 

If you have any local noise ordinances ect make sure any lack of compliance fines fall on them and are also a reason for lease termination if they occur. 

Find a local lender (probably a credit union as they love these) that offers 2nd mortgages - sometimes called Jr mortgages, HE-loans, or closed-end seconds.

For extra formality, put it on a nice document with your letterhead.Re: Non-Binding Letter of Intent to Purchase Real Property Located at [Property Address]Dear [Recipient's Name]:This non-binding Letter of Intent ("LOI") is submitted by [Your Name] (the "Buyer") to [Recipient's Name] (the "Seller") with the intention of setting forth certain preliminary terms and conditions for the proposed acquisition of the real property located at [Property Address], inclusive of all improvements, appurtenances, and fixtures thereon (the "Property").Purchase PriceThe Buyer hereby proposes to purchase the Property for a total consideration of $[Amount] (the "Purchase Price"), which shall be subject to adjustment based on the results of the due diligence investigations and final negotiations.Earnest Money DepositContingent upon the execution of a definitive Purchase and Sale Agreement (the "PSA"), the Buyer shall deposit earnest money in the amount of $[Amount] (the "Earnest Money") into an escrow account designated by the mutual agreement of the parties.

We have a local STR organization that has filed suit against the STR quota implementation.   

Thank you Hi Gary,My name is Tim Horvath and I am a Investor Relations manager at Smartland.

Hi my name is Coretha, and I will be moving to Portland soon.

I was at a local meet-up last evening and one of the folks recently purchased a list.