Get more referrals, talk to others in RE, a title attorney at a title company can usually take care of most routine matters and do so out of court, check at the title plant/company, they have an attorney or one retained.

The owner has agreed to paint the exterior and re plaster the retaining wall.

And, that brings up the point that any good N/P boared will try to have an attorney and accountant on the board or at least on retainer.

You may not want to deal with your x but unless your lender will let you off the note you need to retain control to protect your interests.

I'd put that statute in my lease saying that you retain the right to seek indemnification for any loss or rents or damages under xyz statute.

I was thinking along the lines of like a lawyer on retainer kind of deal but not sure if that is feasable.

In a L/O, the seller retains the tax deductions until it's sold.

They had a collapsed retaining wall on their property, as well as various drainage issues.

George,First the number 550 a month in rent.Let's break it down.For the area does the 550 offer first months rent free or half off or a waiver of security deposit.If that is what is a happening with competition for the area then rent is not 550.Let's say it is 500.Now look at the 500 per month.You will need to deduct your rents for crappy stairs to walk up,a sloped parking lot,no amenities,if you do not have a washer/dryer place for hook up etc.Your rate will now be considerably less than the 500 others are charging.If I am a tenant looking for a place I want the level lot,ease of walking into my unit,do not like tenants above me,ample and level parking,amenities,place to do my clothes.Buyers on resale will more likely want a 12% cap.I look at a lot of apartments for clients.This one to me is a pass.It has too many negatives going for it that make it hard to rent and retain long term tenants.Again that can be solved by a below market rent rate to make up for the problems it will still have after rehab.

One more tip, consider taking a small retainer from him to get going.