Hopefully he knows usable repair folks from the rehabs he has done.CAUTION:  Landlords do not typically give away equity, they normally have a better grasp of market rates and values.

You don't have to pay them 75-100% of the first months rent like a typical property management deal.  

You are correct in that once you have identified a neighborhood and you see a rental listing come on you need to run there immediately with credit reports and money.

They are buying a home, which is how I typically lose tenants.

No major surprises with the place that I didn't know about in the inspection report.

Good contractors spend their days with a tool in their hands and its typically not a laptop.

Lender paid single premium typically means that the lender is bumping up the interest rate, above market rate, and paying off the lump sum charge from the insurance company in that manner.

Typically we would hold off on lease renewals unless otherwise advised during a sale.

The LLC (being taxed as a partnership), will report the property's gain on its LLC tax return and will issue Schedule K-1's to each partner/member reflecting each partner/member's allocable share of the property's gain.The LLC (again taxed as a partnership), will not actually pay any tax, the LLC partners/members will actually pay the tax on the property gain at their reporting level based upon what was reported to them on their respective K-1's.

They are typically locked in.