The documentation that my lenders require are typically tax returns (last 2 years), rent roll of all properties, personal financial statement, and leases on the subject property. 

Not even enough to cover closing costs.

I figured every partnership is subject to negotiation and can be structured differently...just wanted to get some ideas.

I have a decent savings that covers 3 months of house expenses (I’m working on getting this to about 5 months cushion)Here is where I am uncertain:should I be focused on buying rental property now?

We will only cover one extermination and the tenant is responsible for any others needed.

I'm trying to cover all bases and get up to speed. thanls

Hi Tonisha,It might help to put your area in the subject line, so people know what you are asking.

Check out her prior rental history, even if it's from many years back, it may be significant.Retain a security deposit that will cover your needs should she default in paying her rent and/or cause damage to your property. 

I remember when I went down that road.The note, or actually 2 notes, as this was an 80/20 mortgage where one note provided 80% of the cost, and the other note covered what normally would be a down payment. 

Write out what all he covers and look into subbing any portions of those things out to other sub-contractors.