I would recommend against paying all cash for an investment property, or to investing ALL your capital in a single deal. 

I checked the lease created through Zillow that does not show up any option for reletting but what I am aware (done it few times when one of my other property was managed by a property manager) is tenant could pay reletting fees (typically one month rental) that allows property to be re-listed.

If you are skimping on the buy, you will have a property that needs a lot of maintenance and it's clear you don't want to pay for it.

@Kelvin HeSome things to consider:Transfer Taxes: Some jurisdictions impose transfer taxes when property ownership changes, even if it's to an LLC you own.Due-on-Sale Clause: Check your current mortgage agreement for a due-on-sale clause, which might require you to pay off the mortgage if the property is transferred to an LLC.

Maybe better than list status for each user, you could simply show how many people are currently in the chatroom.

For 30 years it’s been a never-ending supply of tenants who are almost never home and always pay on time.Why would I want to get out?

So instead of gifting me the property she is deciding to sell me the property for 100k which is what she owes plus interest and that would pay off the reverse mortgage.

Pay your house off then only buy investment properties in cash. 

You get the benefit of the homestead exemption plus having tenants paying some of the mortgage (if you can find a fairly priced property...not easy in south Florida!). 

My market is seasonal and I was begging for enough revenue just to cover my mortgage so I wouldn't have to pay my own rent AND a mortgage.