Rent typically ranges from $500 - $1000 in the Greater Houston Texas and nearby cities.Pros:Better Cash Flow, Lower Vacancy, Potential for a rent increase if the property is well managed.Cos: Lack of 100% privacy by occupants, potential for housemate conlict, they may not maintain the house properly.Suggestion:Tenant Screening have to be thorough to avoid roommate conflict with one another, Have a standard Landlord Rules and Regulation to put all occupants in the best behaviour.Goodluck

Hi @Latierra Dewberry, to answer your question I have seen great success seeing other investors invest in other states - just be sure to double-check the county/state for certain taxes, regulations etc.

@Kumar GauravTitle Insurance Policy costs are regulated by the State...

Because the law/regulations on how min escrow amounts are determined, sometimes the calcs put it a bit higher or lower...

So, when somebody tries to find the owner, they ultimately get into a dead end at the anonymity LLC.All that being said, interstate accounting and tax regulations get pretty dicey normally. 

The MLO could be you and the lending license in Arizona is fairly inexpensive and fairly easy to achieve when compared to many other states.However, to be licensed as a lender you will need a robust compliance management system to fulfill both federal and Arizona regulations.

My experience renting out rooms to professionals via the company is generally positive, but still, you need to write your own rule and regulation.

Some neighborhoods (and/or HOAs) have strict rules/regulations pertaining to rentals :) Good luck and have fun with your search! 

Now that we are past closing, I am unsure of what the next steps are in terms of what I need to do legally when inheriting tenants...I was hoping that a member of this amazing Bigger Pockets community would be able to help with some recommendations for investor friendly attorneys within the New Orleans area that would be able to answer questions related to landlord-tenant policies/regulations/laws.

Hi @Varouj Asdourian, different lenders will have different offerings as HELOCs aren't regulated by Fannie/Freddie like traditional mortgages.