I asked where we could find reports on the disbursements.

Hi Dylan,You could go to W2 work for a year for an industry biggie, such as Greystar or Pinnacle (market rate properties) in Texas, (or where you are at now), for a year as a leasing agent and (boots on the ground) learn how to lease units, as well as get an understanding of how to be a first class property manager Learn things such as, how to handle maintenance, reports, people skills, evictions, cash flows, unit turns, problem residents, borderline qualifiers, flag flyers, parking disputes, physical confrontations, arguments, personal safety, etc....That would chunk out your 1st year requirement as well as put some money in your pocket while doing it.And if the economy nose dives, ride it out on the W2.Just my 2 cents.

They can easily run a "sold" report for the month of all properties.

Check your O&E report or online assessor records to make sure they match up.Some descriptions are the metes and bounds type, which it sounds like is a particular requirement for the county that Chris was looking into.

rental income has been reportable for a while.... 

I would be extra cautious to avoid being scammed.Make sure that the property is owned by the LLC and not by him personally.Also, occasionally ask for some sort of profit / loss report to show how the investment is performing.Best of luck

This will be owner-occupied however I was told a conventional loan would be best because I have a business (sole proprietorship) that reports a net loss for last year and this will lower my income if I go with a FHA loan.

Essentially, you introduce yourself as the new owner, provide them instructions for paying rent to you instead of the old owner, and tell them how they can contact you to report maintenance (set boundaries).

They are consistently rated #1 and #2 by Consumer Reports via about 200,000 questionnaires filled out by homeowners who subscribe to Consumer Reports.They are also the most expensive insurance carriers….but like I said, you get what you pay for.Hope this helps,Ken

If you don't have a condition report then I would be inclined to return the entire SD.