See also:http://www.nolo.com/legal-encyclopedia/consideration-every-contract-needs-33361.html

Whether that will be good for you or not will depend on many things: what happens when a major repair is needed ("reserve funds"), who will do showing and screening when there is a vacancy, banking, tax bills, accounting matters, legal matters ...Better to be informed on those sorts of matters before getting into any more shared ownership IMO.

Since the owner is leaving, I'd try to get title with a Sub-2 and then lease it as that will give you the authority to make repairs, improvements, contract labor, address assessments and any legal matter that arise like code violations.

I need to take a long look at this before I make any drastic, legally-binding decision.

Bird Dog (find good deals for investors- if this is legal in your area)Sign leases for a landlord.

I invested $20,000 between marketing positioning, establishing the legal entity, etc.

Brian PorterYou should seek legal counsel.In our area they have up to the age of 21 yrs to sue,& based on case history (up here) they sue everyone who owned the property during their residency.

I'm not a lawyer and don't know the potential truth behind the statement but it is something to think about.Just something to look into as part of your DD (no legal advice)

Taxes, HOA fees, interest, insurance, cleaning, repairs, lawn care, legal fees, CPA fees, etc.

I told him that if I didn't pay the bird dog he would never send me another deal and the assignment of contract is a legal document that states the amount of money that I agreed to pay him.He says he doesn't think 30K can be made in just 5 steps.