As it stands now all tenants get a rental invoice 5 days before the first of the month and they have the option to pay via credit, debit and ACH. 

I want to make sure my personal assets are covered from a legal stand point.

Personally, I can't stand having another stranger in the same house as me.

If, instead, you were to simply start with what's been proven to work as a foundation, there is less to worry about (although Ben's main point stands - you do need to think about a number of different factors).I recently posted my thoughts on this in a different thread, so I hope you'll allow me to re-post here.

So assuming there are no crazy problems with the property (which I will find out tomorrow when I am shown it) I should be able to raise the rent to be equivalent with what all other landlords are charging.And more so, the condos are very nice,very large, and are " stand alone condos"(Or whatever that's called) so they feel and look more like houses.

It would definitely make you stand out (but I wouldn't, unless you know they really like Italy), but something that might make you win is removing a contingency if there are a ton of offers.

If anything it is known as the blue house and I think it makes it stand out.

Last-don't let fear stand in your way.

On an uncontested mortgage foreclosure, here anyway, the judge still makes the bank show proof of standing, possession of note at filing, etc.Question: Why are you caring for an abandoned property, and paying the property taxes on a property you don't own.

But, as always, if you want a definitive answer from someone who would stand beside you in court, consult your lawyer.