Short Term Lease Withholding

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A friend of mine is leaving the country for 2-5 years. He has a little 3/1 with considerable equity. He's considered selling but he doesn't trust himself with all all that money cashed out. Knowing that I am getting into Real Estate, he asked me if I would be interested in "borrowing" the property from him while he was gone.

So I'd imagine this would be a lease arrangement. Rents are around $1400 in the area and he only needs about $600 to cover his existing mortgage. 

1. Does anyone see any obvious red flags? 

2. How would you factor in holding money back for repairs & capital improvement? 

The "normal" rule of thumb for those categories seem to be about 50% which would make this deal not profitable but that somewhat assumes you will have the house a long time and everything eventually needs stuff. Knowing that it is in great condition right now and I will only have it for a short time (max 5 years), the risk of major ticket items (roof, etc.) are very, very low. 

Thanks all.