What are the differences in tax obligations when they sell and have capital gains vs holding a note?

In the interest of having some sort of written agreement between owner of the property and renters....I am wondering what the standards and obligations of obtaining a rental license in the city of Minneapolis is for a single family owner occupied home? 

I started in 2011 when I retired from my corporate job and took about 50% of my 401K and rolled it to SDIRA to buy real estate.  

There are already too many headwinds in New York: Demographics, Industry, Taxes, Weather, State Obligations.

But now I'm going through the approval process and learning that hard money lenders only lend to entities (LLC, corporation, etc) and conventional loans only work with individuals.

Appreciate any suggestions/info about tax under LLC/General Corporation, mortgages, legal structures especially for a foreigner.

One does not "personally guarantee" one's own debt obligation.

@Aaron Youngman Moved my whole operation to Knoxville... same crew, same business model, equipment, etc just a new corporation filed in a new state.

Perhaps look into turning units into furnished corporate rentals where you can charge considerably more than an average apartment ?

I raised estimate by $5 to $80.Confirmed with real estate agent that I won't need to worry about Garbage.Cash-on-Cash ROI is now 11.45%.Also spoke with rental property management company and confirmed the area I'm buying in is up-and-coming and he manages several houses in the area.Am waiting to see current lease documents for confirmation on who pays for what, and if I'm obligated for anything I haven't considered yet (e.g., snow removal, yard maintenance, etc.).Home inspection is scheduled for Wednesday.