Hey Pixel,Here’s the simple version:“The Set.

A simple written agreement won’t cut it if things go sideways.

With no time spent on repairs and no carrying costs, it was a simple but powerful transaction.

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.

It’s meant for personal budgeting as well so it’s super simple to set up and yet can give you reports by income or expense category, property, or time span.

Use that FHA to house hack now and turn it into your launchpad: target a small multifamily or a single-family with an ADU/bedrooms you can rent, focus on a property that needs minimal work, and verify it cash flows with conservative rents; keep your 4K as reserves, cut living costs by renting rooms, and bank every extra dollar for 12 months; while you stabilize, underwrite deals weekly, build your core four (agent, lender, PM, handyman), and learn one funding path like DSCR or private money so you can refi or buy the next door when your savings and equity allow; simple, steady steps beat waiting for perfect.

So long as you aren't raising rent in retaliation for them exercising their legal rights, such as reporting safety violations, you will be just fine from a legal standpoint. 

This is why I don't like doing remodels any more... it's never just a simple roof replacement... it's always a TON more work. 

When I bought my first 3-unit, I thought landlording would be simple: collect rent, fix a toilet now and then, let the cashflow roll in.Six months later:- A tenant called me at 11:47 PM about a leaking toilet while I was out (on a date).- A lease agreement was “in the mail” for the third time.- My lease folder looked like a crime scene of PDFs and photos.I wasn’t making enough to hire a property manager, but I was already drowning.

DO your simple SIMPLE front-line research on a PMc before jumping into bed with them.