Funny. That’s exactly what we did. Paid the first year up front, then paid 6 months in advance from that point forward. Like you, we worried about a potential default, so were glad to find a LL who was an original owner and who came across as very conservative (they owned it outright).
We also did most of the repairs and maintenance unless it was a really big deal (like a $10K+ mold remediation project in the kitchen). We were there for just shy of eight years, and couldn’t be more grateful for the entire experience. Because we lived there, we were able to find out when our current house (just a few houses away from our rental) was being put on the market, so we were able to make an offer before it ever hit the market.
The best part is that we got to keep all of our awesome neighbors (minus a couple) and our kids get to play with the same kids they’ve grown up with. 🙂
