Welcome to BP Chase,A book that really helped me on this subject is "Every Landlord's Tax Deduction Guide" by Stephen Fishman.

We plan to vacay and scout out the area for our own future rental property.I would think a good property management is key too, if it's a few hours away.Or at least an infrastructure to "clean"/ inspect between visits.I have seen many different contracts. some just a page, some a novel.I have seen relaxed landlording based on the honor system.I have seen strict landlording with RULES and REGULATIONS.I have been in homes, where stuff broke and they were able to fix it right away...that is my biggest issue b/c this lake is 2+ hours awayOne vacay home had a local residence to help monitor their guests (us)

I am looking for a mentor of that holds and /or is a landlord.

Wow, a tenant was awarded $800,000 from the landlord because of bedbugs!

You need an understanding RE broker.c) Doing a lease option sandwich, staying in the middle, you can earn 3 paydays: option fee spread, rent spread and exercise price spread.d) I find if you market to sellers without agents, as in expired listings, cancelled listings, DIY landlords, and even wholesalers giving you "no equity leads" in exchange for a possible commission for the lead, these are best. 

Keep in mind that the tenants might be wary of an ownership change for fear of a bad landlord or their rent going up.

So it seems clear that a LC is quite a bit less liquid than a house, and that is a considerable negative to for an investor who chooses to sell on LC rather than keep the house as a rental.Investors that I'm familiar with who sell on LC, do so rather than keep as a straight rental, to shift the maintenance burden to the buyer, rid themselves of typical landlord obligations and tenant calls, get a down payment that is more than a security deposit, and get a stickier tenant/buyer who makes improvements and has emotional connection to the house and thus will stay long term, maybe even pay off the place eventually.

Turnover cost is your highest expense as a landlord.

By the by, this is what he sent me:"The Tennessee Landlord and Tenant laws allow me to charge up to 10% as a late fee.

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