I’m guessing the process of valuation and creating legal shares was a bit more involved than Marcos had expected.

The first being - don't bring your friends or family into the mix :)Since it sounds like you're pretty solidified in your friend moving in, and it could be a good first roomie, so just to get your feet wet... i'll double down on Laura's advice - do a lease, for the legalities, but i also highly recommend some sort of written (we call it a) Room Mate Agreement.

Tenant will also be responsible for the additional cost of any legal notice.

I just got off the phone with a law firm doing the foreclosure legal work for a bank.

Also, if anyone has a legal advisor in Virginia that is interested in working with a small investor (this will be our 2nd investment property), please pass their name and info along.

@Jeremy Bloom  the rag on the thermostat can be beat by placing a remote thermostat that is set to the legally required temperature with that remote thermostat actually controlling the temperature.

They’ll handle setting up your legal entity and obtaining your EIN (Employer Identification Number).

This was due to asbestos abatement, sewer line replacement, scope creep, and poor planning.Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

And they end up talking about credit repairs.But then, things turned VERY FISHY:They asked people their credit score and asked us to fill out a "Strategy Session Checklist" that asked about the full legal name, occupation, annual income, bank account $, 401K, IRA, TSP, Available Credit on Cards, and Credit Score.Instead of actually having a 1-1 personal financial coaching, they got your financial info and "taught" you to apply for a credit card and pay for their $39,500 program.

Being novices in the game we do not have the legal or business background to know where to begin on accepting funds.