I know imputed interest was a question of concern in the beginning too.

To have a "legal" transaction the only things you need is property address, contract signed by both parties detailing terms, and proof of funds to close.  

However, my concern is since most residents drive to neighboring towns what will happen in an economic down turn?

We already have an Attorney in place, but I seem to be the only one concerned about how things should be written up or addressed.

So you'll need your LLC to have bank accounts, check books, address, everything.Or you can just keep it in your name and get an umbrella insurance policy.Also, if you do not have a ton of equity in your property, then you have very little for someone to sue you for... 

If they have experience doing this would be my primary concern. 

I'm concerned about the spotty credit and late payments on the wife's part. 

I have "I would guess" 50k equity in  my house probably closer to 70k here is my concerns that maybe some of you much more advanced people could help me with please. my first fear is I have my normal mortgage and IF I take the equity out basically it creates a second mortgage with a HELOC and using that to get my rental property...

Driving in the snow in the winter is the biggest draw back as far as I'm concerned.

However if we were to wait and use 5K of cash flow instead to pay for something after 1 year of renting, would that decrease the "estimated repairs" number to $20K in that calculator or would it make no difference whether it's cash from the business or personal cash out of pocket as far as the cash on cash return calculation is concerned?