Just because a neighbor was able to deal with it in a simple fashion doesn't ensure you will be able to.

Let's consider our contract with the bank, they make it clear enough that the sale is conditioned upon the agreement not to transfer title and the property is sold with a deed restriction to ensure such won't be the case.

You need to check your local residential rental laws to see if you would be impacted similarly.Assuming you want the rental period to remain monthly If your tenant wanted to pay bi-weekly as opposed to semi-monthly, I would insist that each payment remain $1000.00 to ensure rent for the month is payed in-full by the first.At the end of the year, you could carry forward the extra 2K accumulated to the first month of the next year.If his pay is going into a bank account, I do not understand whey he can not simply schedule a recurring {semi}-monthly payment to you for his rent rather than have his employer implement another payroll deduction {it is possible you would not be an eligible recipient}.

If she left, I would say that it would take me between 3-6 months to find another tenant or another use as the area is pretty decent in a Southern California suburb.I'm looking at two options:(1) Give her the lease extension with continued 5% annual increases - this would ensure that I don't "rock the boat" and keep a "headache-free" situation going.(2) Ask for a step up to (or near) market rent with 3-5% rent increases.

What's the most efficient and effective way to secure a loan against a residential property?

If the boiler is more than 20years old, your cheapest upgrade would be to replace it with a modern high efficiency oil (80-85%) or natural gas (95%) fired unit {if gas is an affordable options, I'd go with gas}.

What are the bare minimums that you always fix-up to ensure you top dollar when it comes time to sell?

I am not a fan of the "Yellow Letter" concept personally, but get yourself a good wireless printer. if you are doing it yourself, ensure you get a high volume one but pay attention to how many prints you can make per toner cartridge.

He ensured that the house would be covered for the $150K amount if it was burned down and that I would not have to build back a 6 bedroom house in it's place.Does anyone know what I'm getting into and what do I need to do to get properly insured in case of an extreme accident?

Or request the property be vacant upon closing or your final walk thru to ensure that they are out and you don't have to absorb the cost/time of eviction and are in compliance with the VA loan on moving in.Based on the area in which you are looking to acquire this property, familiarize yourself with the Tenant/ Landlord Act, so that you are in compliance with the laws from a landlord perspective.