You can also use this link to read more about billboard regulations in Iowa. https://iowadot.gov/iowaroadsigns/sign-programs-and-applications/billboards

@Finian ButcherAsk for a signed receipt from seller that they received your offer.

Another option I have read about, but that I'm not sure is common practice or viable yet, is initially issuing the loan with a personal guarantee, even though the deed would be under the LLC.

So your final decision might be the answer you make on those 2 properties and any decision might be decided on the debt question of good debt versus bad debt.If you have any benefits by purchasing  an apartment complex as a controlled ownership and by benefiting from a Tenants in Common joint venture association that will contribute to an apartment complex purchase and allow your keeping control of that property on a daily basis regardless of your ownership percentage.  

The prospective tenants signed the "Agreement to Execute Rental Agreement" this past Saturday and provided the holding deposit, and now I need to send them the actual rental agreement. 

This is a very common renovation in my area.

Nothing exciting* Contacts - people that are in properties and or have been historically* Leases - term, amount, contact and the signed agreement* Files - closing docs, appraisals, insurance, etc. grouped by Property* Income - amount, date, property, attachments, category (rent vs lease option fee, etc)* Expenses - actual expenses, date, property, attachments (mortgage, capex, maintenance, turn, etc.)* Reserves - savings from each rent payment for future expensesIf you wanted to use more like a PM, you could set up an online form for tenants to input requests and include attachments and track maintenance through it.Hope that helps.PS - I still use Excel for projections/modeling

They came to me together wanting to rent the house, passed all screening, and signed a year lease.

My one question is: Have they signed a new lease in any form?

Compare to 5 year ago, the appreciation on average is over 75% ($425K then - $750K now) and the rents increased over 55% with no sign of stopping, vacancy is basically 0%, abundance of tenants looking for houses.