You could form an LLC and have the operating agreement that allows your boss to require you to purchase his membership interest (or allow you to purchase his) in a given time frame.

While personal loss is difficult and understandable, running a business that directly impacts property owners requires a contingency plan.

Quote from @Martin Jones: Hello, I'm young individual who is interested in long term buy and hold multifamily real estate.

I am realizing some of the gaps in my book knowledge and the practical knowledge required to see a deal all the way through.

I don't know what they are but unless there's something in the city that requires that kind of notice, it sounds excessive to me.

Run your numbers based on youre required return given what youre likely to have to spend and the amount of headache, risk, and work you have to do.

Some may require a waiting period of one to two years before leasing is permitted, while others may prohibit rentals entirely as outlined in their bylaws.Always know the property’s potential for annual rental income and ensure the numbers work.

However if you had done a warranty deed (or a special warranty deed if you still have a mortgage on it) instead, your LLC has a claim against you for the issue on the title, and you in turn can go back to your initial title insurance to fix it.Some title insurance will allow to transfer the coverage to an LLC that you own 100%, but not all of them do or they may require an additional fee.

What is the recourse for the tenant who signed the lease under each individuals name?

Rental should be $1,600 a month.This year, I plan to build one more rental property, and it will require financing.