Quote from @Jerel Ehlert: You should do all the due diligence you would as if you were going to be buying, fixing, flipping the property yourself with your own money - because if the borrower fails and you have to foreclose, this is what you will be doing.Borrower should be paying the fees for appraisal, inspection, title policy for lender, and attorney's fees for drafting.As an attorney, I drafted hundreds of doc sets for closings in Texas and the rest is specifically limited to practices in Texas.In TX, my doc sets include a Warranty Deed with Vendor's Lien, promissory note, deed of trust (the lien instrument), lender's instructions to the title company, attorney letter of non-representation, and either 1) a personal guaranty (if an entity borrower) or 2) a business purpose affidavit (if borrower is/are individual(s)). 

Like playing loud music in the middle of the night if you upset her which goes through the walls.

During ski season the majority of people are here for the weekend and are limited to just the MMSA whereas during the summer everyone is on vacation (European travels too) with lots to do (golf, hiking, fishing, music festivals, Yosemite,etc).

The lease should also have terms about quiet hours, and acceptable levels of noise (the easiest way to deal with the noise issue is to not allow musical instruments, and to require everyone to use headphones instead of speakers).You can manage utilities in a variety of ways--the easiest is for the owner to have all the utilities in their name, and then charge the tenants a flat fee for the utilities.

I figure you could charge an arm and a leg during bigger music festivals but I can't verify that, and I also don't know what it's like year-round over there.  

BS in computer science and MS in financial mathematics - the study of math equations behind exotic instruments such as options, futures, CDO's, CDO^2 (yeah that thing that blew up the housing market back in 2008). 

We believe learning how to be a self-managing landlord will be instrumental in starting and scaling your real estate investing portfolio.

Tennessee (Nashville, Memphis): Music, culture and a tax-friendly scene attract lots of renters.Hope this helps, Alice!

For some it is just a means to be able to run a restaurant or make music.

The two actions that were most instrumental in our growth were:1) Selecting full featured property management software with our first purchase so that we could focus on our processes.2) Developing a working relationship with a local portfolio lender that specialized in regional multi-family so that we could avoid issues with DTI.