No fees + security + ease of use = go collect cash rent in person!

Will anyone else be visiting regularly?

On top of that, I started having people break in to squat at night, which pushed me to secure tenants quickly.I landed at about 12.5% below my projected rents.

You are buying the house from the seller, and the seller is financing your purchase while taking a security interest (the deed of trust) in the property.

It keeps things streamlined, especially with long-term tenants.As for the security deposit, you are right to revisit that after 10 years.

There is no official IRS form so the best practice is to use a simple spreadsheet or tracking app you can update regularly and retain for audit support.

I suggest using a password manager with strong security such as 1Password.

Another option is checking with local property management companies, as many have attorneys they work with regularly.

Looking to schedule under delayed financing exception, from the lien being recorded, paying it off at closing, and the transaction mimics a cash purchase.Concerning the property transfer would be filed as form 709 (life time gift exception) from the current owner to me.As well as the note is receivable, essentially they are lending me money secured by the property.

Usually this happens when the homeowner is not paying regularly.