I do NOT know the laws in your area, but if I was a landlord I would only rent 1 month at a timeIf you take 12 months up front you may be stuck with them for a year, as @Ned Carey said The tenants often offer yearly payment up front to get in your property Do NOT fall for this,it could cause you lots of stressDo all the propert screening and forget about the cash offer Good luck @Johnny Dong

As @Ned Carey  points out, a substantial number of areas do have income discrimination laws that prevent landlords from discriminating against fixed incomes (including the entire state of CA).

As Ned pointed out, you should request an estoppel to verify the exact terms.The estoppel certificate (or estoppel letter) is a form filled out by the tenant and then confirmed by the Landlord.

I wold set up an LLC, as @Ned Carey stated you can elect to be treated as an S-corp for tax purposes or it can be treated as disregarded identity for tax purposes allowing you to report on your individual return.  

As Ned said, you can ease into it, I suggest starting with wholesaling to get your feet wet. 

As Ned stated, most mortgages have a due on sale clause, which means the entire balance is due if ownership is transferred.Secondly, if the owner has vacated the house, there's a chance he hasn't kept up with insurance payments or paid the taxes.

That has not been my experience but as @Ned Carey mentioned each bank has different internal rules.

The Gaithersburg REIA is excellent as Ned Carey mentioned (not to mention the massive REIA in Towson and BWI). 

I was still playing football of the Bison at the time asn was given the opportunity to work at a local bank in the mortgage division.

So, contact them asn ask them why they are charging it.