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Updated over 3 years ago,
Lease Type Questions
I recently purchased two 3/2 SFRs in Fort Smith, AR. I live in CA and my best friend from college will be managing them for the next year as a favor and to learn the process. What kind of lease should we use? Specifically:
1) Month-to-month vs Long-term?
I've seen the arguments for both. I like the idea of month-to-month, but I don't want to make my generous buddy work too hard with turnover (I'm not sure it would even do that, necessarily). There is a very low vacancy in Arkansas, and everyone tells me "You'll never want for renters." Recommendations?
2) Long/exhaustive lease vs. brief/basic.
The biggerpockets lease agreement for Arkansas is 11 pages (!), and seems very weighted toward the landlord -- everything's the tenant's responsibility and/or fault. It would scare me if I were the tenant. Arkansas is very landlord friendly by default. Seems it would be much simpler and less scary to a new tenant to just agree on the basics and keep it brief/simple.
Recommendations?
Thanks :)