Multifamily master lease

[William R.]

A fellow landlord is no longer interested in managing their multifamily property. They have approached me about managing it for them. I am not a licenses real estate agent, so cannot act as a property manager, but I can sign a master lease and re-lease the individual apartments. What are the potential drawbacks of this arrangement? It is a property adjacent to one of my own and I would love to buy it, but its not a good buy. Any advice would be appreciated as well as links to any related resources. Thanks!

[Steve Babiak]

I'll toss you one drawback of some master lease arrangements: you might have to pay rent for units that you don't have filled.