Planning To Rent-to-Own OR Take Out Mortgage (North Central Massachusetts)
Hello BP family,
I am on here today because I had a simple yet specific question related to renting out property. I am a COMPLETE newbie at REI, especially landlord-related. My scenario is as follows:
I am looking to take out a mortgage OR rent-to-own on a property somewhere in North Central MA, while at the same time looking to rent out the property to 2-3 individuals. Should I choose the mortgage, what [legal and otherwise] steps must be taken and papers must be signed and verified to add those individuals as legitimate tenants of the property which I will [eventually] own? Does the financial institution NEED to know about there potentially being tenants in the future, when it actually happens or at all (probably an obvious answer, though again, I am a newbie)? What is the whole set up between the banks and legal when there is a mortgage involved and I rent out?
On the other hand, what must I do should I rent-to-own the property while renting out the property myself?
Thank You,
Patrick S.