I realize that collecting is another matter, but let's say the tenant likes nice cars and cares about their credit.

I definitely don’t disagree with create efficient systems, but I do think there is value in learning hands on until you have “proof of concept”.Anyway, best of luck, feel free to reach out with any questions.

Hypothetically - this is in Virginia but most states adopted the federal laws   Owner - Grandparent Heir - GrandchildParents - NOT involvedRent collection after death - FriendProperty guardian - assigned If rental property is left as inheritance  to minor GRANDCHILD  - after the death of the grandparent : -to be transferred to the grandchild when he reaches 18 - Deed in place , - to be rented  until then - - the rent to be collected on the behalf of friend , claimed by the friend as rental property for tax purposes, and the friend pays taxes on the income.Question - Is this possible and what will be the issue in this case scenario?

@Nathan G.Yes, I will ask for the proof of income, and also will have the lease termination paperwork ready.

if this loan performed for lets say 3 years it collected  84k.

I just go to the property in person once a week and collect the weeks rent in advance. 

For the applicant that I accept as my first tenant, send them an acceptance letter and collect security deposit + first months rentI am sure there is something (maybe a lot) that I am missing.

And to answer the second part you would collect funds in your account, and distribute them according to the contract.

I was told if I moved to MN they would want to collect state income tax on all my Nevada rental income.  

Is there a reason you are waiting until June 1st to collect the deposit because you are locked in way more than them if something better comes along.