Many investors start with a multifamily property, like a duplex, as living in one unit and renting out the other can offset your mortgage and reduce vacancy concerns.Take your time running the numbers and researching neighborhoods—you're off to a great start!

As a business, a judge will expect YOU to know all the laws and legal procedures.Make a minor mistake and the judge is unlikely to give you a break and may rule in the tenant's favor.The judge will see the tenant as a consumer and may give them a lot of leeway in court, even give them borderline legal advice.You are in over your head, not having the knowledge to properly handle this.

If you go over budget or bit off more than you are equipped to handle what do you doManaging the timeline - So you've purchased a home that seems like a valid investment opportunity.

To be blunt, if you cannot handle this then there is likely to be other issues that arise in RE investing that you will be unable to handle.

Putting in place policies and systems to handle that will be key otherwise you'll always be working or at least be on-call.  

However, much of our document and data collection was handled by loan analyst Taylor Vassey.

Ultimately, clear communication and expectations handled in a respectful manner can avert any issue.

If you're a PM, how would you handle this owner?

I know I can create a series of my own documents regarding this in Word and Excel, but am wondering if there is some kind of software package out there that handles this problem?

Then you'll need to build a team of contractors to handle renovations and to help with things such as property inspections.