Jennifer,Yes, you will be required to file a tax return due to the amount of income you earned regardless of what the net income may be.You should file it regardless of profit or loss to ensure you start the statute of limitations for audit.

You may want to ensure your not buying someones litigation landmine.

There should be no issue if your seller is doing business properly.

I hesitate to mention how loans can be designed sometimes as I know we have a bunch of "thinkers" here that may jump on something thinking they will know how to DIY something, so I really suggest the use of a mortgage originator to ensure affordability and an attorney as to compliance!

Proper terms are often replaced by lingo

If this is the case, could someone tell me the proper & legal way to do this?

Long term tenant is one of the most important things that I look for during the selection process and having a yearly lease in place helps ensure that to a certain extent, I guess.

Which changes the numbers, the predicament of the property, who owns in properly and who is allowed to sell it.

So you need to understand what your BUYERS want and what they plan to do with the property so you can properly market properties to them.I would highly suggest that you understand more about all areas.

I finally learned how to properly evict them and decided now I can put in good tenants that have been screened.What I found out is that good tenants don't want to rent there.