My Frist Rental Property

[Mike Crossman]

My sister is renting out a four bedroom, full basement, living room, dining room, kitchen, front porch, nice yard, etc...anyway shes's renting it from my step dad.  She only pays $200.000 a month and my step dad is going nuts.  He's says that is is forking out way to much which is understandable in his case.  So my step dad and I got together and I asked him what is the minimum he would take for the house and he said $20,000 on a land contract.  I'm not worried about the family aspect of things because business is business and even you know that the rent must be raised.  I'm in the process right now of making my lease which is going pretty good in which stuff is mandatory like online payments.  I guess in conclusion to this I'm asking any investor that has dealt with family or any of this I could use some advise, instead of walking with the flow like I'm going to be doing.  Talk to you soon.