Given your description I would follow through with the non-payment terms in your lease.

The loan can't be a conventional loan because any financing provided to an IRA/401k must non-recourse. 

So for sure if your leveraging C class rentals by all means they better cash flow other wise you will go under pretty quickly as they tend to be non liquid or you will lose money if you do liquidate as other investors are your only exit and they look at these the way all investors do.. with locals looking at them that much harder.

Additionally, the loan is non-recourse (except for bad boy carve-outs, which is standard) and provides very competitive loan terms.

Would they view this property as pre-existing non-conforming?

I'm looking to get a HELOC on a non-owner occupied 4 unit investment property in Rhode Island.

Quickbooks is a very user friendly software for the non accountant, just find an accountant to set it up for you. 

You’ll probably have to search using more non-traditional off-market approaches.And I’d look at Dallas and Salt Lake City first. 

Ask them for a proof of funds in a checking account and 5k non refundable deposit when you sign the contract 5 day due diligence.. if they wont do that then I am your buyer..

Anyone have some asy forms to just give handymen that say they 1. need their own insurance and pay their own taxes (so I don't have to fill out 1099 or whatever)2. are not your employee but are indy contractors3. cannot sue you for xyz if they get hurt etcSomething that would at least establish them as non-employees from get-go????