Fees should be clearly stated in writing, easy to understand, and justifiable.

For example, their rent is $2000, they pay me $1000, I then apply the $1000 to the renovation project, which they estimate to be around $8,000.How should I write up the lease agreement as far as collecting the rents?

What do you enjoy doing?

Have a detailed scope of work in writing and set clear weekly milestones with your GC.

Once you read the explanation below, you will understand how REALLY bad things can be if you don't get the letters but go through with the purchase.First, the owner/seller should have a clause in the lease requiring tenants to sign (or object to in writing) tenant estoppel letters if presented to them.

If anyone is interested, please feel free to reach out so that we can connect.Outside of real estate, I enjoy golf, cars, working outExcited to learn and connect with you all! 

Do you need the tax write offs?

The software is going to be very conservative with your write-offs.

After all, you do not want a tenant living in your property who does not want to be there, or cannot financially support the monthly payments.With all of that said, my greatest advice is to get a lease termination agreement in writing.

I've noticed many investors initially write their contracts under an LLC, only to later amend the contract to their personal name to secure better financing options.