Now, if for whatever reason this was a fair allocation, and the 5-yr property indeed lost 90% of its value while in our hands - then the impressive tax savings they boasted about would be valid as well. 

Also, I'm looking for something to keep me busy as I ease into my retirement.You are trying to hack the primary residence part to reduce taxes and if you really can do it and you really live there then it will be fair, but if you deviate at all, the town will come for you and you will never get anything renovated if they think you aren't living there and it's not liveable.

Quick response and a fair cash-for-keys offer is still the fastest and least expensive way to get someone out who isn't paying.

There is a lot of grey area on this site, as there is on most sites, and in the interest of wanting to be fair to posters and not be ridiculously heavy handed, most mods will give posters the benefit of the doubt on the front end, maybe with removing a post and a warning or something similar.

They paid the rent and you haven't given them an opportunity to fix the other issues.You may want to reach out to more experienced investors to understand what having a rental is really like because what you described is fairly normal. 30% of our portfolio is late every month but your only concern is if they actually pay.

I read that the government (village in this case) takes ownership and pays fair market value to the owner.

You can fairly collect some form of compensation for being the managing member.

Hi,I am fairly new to real estate investing.

Everything else is fair game. 

I’m considering traditional lenders, but open to creative options.If I were to bring on an equity partner, what’s a fair and motivating structure for both sides?