Utility service billing may also need to be changed, if any are provided to the tenant such as water/sewer, gas, electric, (internet or cable tv for many condos).With regard to "transfer the lease agreement", there is no specific "form", but a written notification needs to be properly delivered or mailed to each tenant as I described in the first paragraph of my initial response to your post.It is "Best Practice" for any and ALL agreements, and most communications to be in writing with regards to Real Estate.

Networking is always a great practice and you never know who you might meet there and what good information they have to share.

If you turn the main breaker off so everything in the house is dead there is no need to check for live circuits (still good practice to check though). 

We had to remove or evict practically everyone (except the sec 8 tenant) shortly after acquisitions.

Nothing would be a deal breaker alone, but factor this level of expertise in when evaluating the complete picture.For example, a big problem that I've seen is if a single tenant building is applying with a regular lender, sometimes they apply a vacancy to their own DSCR (Debt Service Coverage Ratio), and they apply a vacancy factor for a single tenant building, which is just wildly inappropriate.

Find Brandon's videos on YouTube for the "four square" method of analyzing homes and practice.

Networking is always a great practice and you never know who you might meet there and what good information they have to share.

Any best practice that anyone can share.

In my very humble opinion, given your families expertise as tradesmen, taking advantage of historically low conforming rates, with limited down, on a heavy rehab project, may make a lot of sense.

This is a deal I found just practicing using the rental calculator, it seems like a good deal with all the numbers I have entered, if anything is wrong can someone point me in the right direction. thanks in advance!