I'm not sure this is what you are looking for, but in NC the standard Residential Rental Contract is available from the NC Association of Realtors.

Evidence of Title is to be in the form of an owners ALTA (American Land Title Association) policy.8.

Looking into doing this myself, another thing to watch out for are condo associations that are poorly managed, if they don't budget enough for necessary maintenance you could be stuck paying extra dues to cover the costs.

Joe - it depends on the governing documents of your association.

Find out about the local investor groups in your area, probably REIA- Real Estate Investors Association, and maybe others.

James Collins,Steven Hamilton II is correct, I wasn't trying to be outside the scope of business discussion except that my first comment was relating to what Jeff said and laughing about my own family experience.In regards to the remainder of my comments, my advice to seek local legal council, I believe, is sound.Finally, I could have been more sensitive to how you might have taken what I said about your mother, but you could replace mom with wife, friend, business associate, tenant, whatever, and I believe what I said still holds true and was not an attempt to give personal relationship counseling.

Plus, there are costs associated with moving your primary that add to the 5 percent down such as appliances, window coverings, etc, that can add up pretty quick.

If I have notes in this way with interest, will I be able to deduct that interest as a cost associated with the property from my taxes as I would with mortgage interest had I loaned from a bank?

Ned is correct, you left out a ton of the expenses associated with rental units.

This allows us to market the projects in a responsible manner and minimize risk associated with the inevitable public release of information related to these types of deals.