You are right in line with the definition.I am going to suggest professional advice on two counts: (1) a good landlord tenant lawyer (or a general small business practitioner that maybe works for small landlords, has rentals, or has experience in the area)....(2) maybe try professional property management for now as you learn more about the rules and get some more ideas and tools to screen tenants.

Contact a quality lender in your area so he can run the info for you.These are just a couple of questions you'll want to know to be on the right track!

@Jesse Richardson tenants will be tenants, just have to screen for good ones.

The closest thing in quality and depth would probably be a combination of Corelogic's products: Listsource and RealQuest.

On average, we save an additional 20% while ensuring quality work.I think this model would be helpful to associations.  

There are 3 considerations here:(1) deciding which entity to use from a tax perspective & obtaining and EIN number(2) deciding which entity to use from a legal perspective & getting a quality Operating Agreement in place among the members(3) submitting the paperwork properly to the Secretary of StateBasically, they have all been discussed here.

@Joshua Woolls - that's actually just an "iron-look" screen door (which will be removed along with the shutters around it)!

Like you have to screen very well to get decent tenants and make sure they meet income requirements.Demand for rentals is very high right now.

Let me just say I am amazed at the content and quality here at Bigger Pockets!

Fair pricing and quality work