However, it has to be a rental for it to work as a DSCR loan and you cannot be living in it or using it for personal use in any capacity as a DSCR loan is for business purposes only. 

Kevin - I agree with Matt and have done something similar with asking basic questions to confirm that the inquired person meets the criteria.

Personally I would run to them.

This means that you will probably need to pay registration and filing fees in at least 2 states if you don’t buy CA property as a CA resident.Any lawsuits should be limited to the assets of the LLC and not your personal assets (assuming you run the LLC appropriately and the corporate veil is not pierced, some debate as to SMLLC).

@Megan Bransonhave you been to this neighborhood in person? 

.- remember that you'll be paying all utilities if you rent by the room, so factor that into what you charge for rent, and consider using remotely-controlled nest thermostats so they can't jack the heat up beyond what any normal person would pay for (if you're in a cold area). the same could be said for a home with central air in a warmer climate.- consider baking into the rest biweekly housekeeping, so that you know that the property is being kept up with (prevents pest issues), and you won't have to deal with any quarrels over who's cleaning the common areas more than who.- always have the parents co-sign the lease.- make a manual for them. what would your own kids be calling you about when they first move out on their own?

And then eventually we'd like to get some short term rentals in a few ideal places around the country that we can have occasionally for personal use.Oh, and the student loan debt.

@Megha Sharmawill you go to your chosen market in person? 

most builders pay a flat fee for MLS access and then hire in house. that's what I would do. 50k for a person to sit at a desk. rent a trailer and stick them there for 12 months or 24 months. take the difference 

Is person performing test at vendor is qualified and competent?