Those who use Schedule C or E to report their business line can be certain that the IRS and probably other authorities with audit powers use bench-marking to determine whether your line items are 'square'.Any non public traded entity owned by an individual or members, that would craft a cash flow from one owned entity to another owned entity would yield that cash flow as top line income.

Then you craft a deal that fits their situation.

Thanks for taking the time to read this and craft a thoughtful response. 

I don't care if he's the cheapest; honesty and accuracy are essential to our craft.

Every landlord should research the laws for the state where they own rental property, and craft a rental policy for themselves.

You could ask questions to provoke some lessons learned.Some ideas / topics to craft your questions around:First real estate investment dealExample of a business-related failure and how it was handledTime managementLeveraging other people’s money, expertise and effortsBook recommendationsWhat would you have done differently in the process of getting to where you are today, knowing what you know now?

Fancy coffee shops, Yoga, dog cafes, artesian crafts are moving in so that’s a good sign.

I also suggest having them help you craft an a straight option agreement as well.The last thing you want is to have a sanction against your license.

Craft a strong operating agreement and then manage the property until he passes.When he passes the heirs will get the property as if they paid market value for it on the day he died (the step up in basis that @Caleb Heimsoth was speaking of). 

So partner with a good lender who understands how to craft this scenario so you will not be conditioned by the underwriter to prove your utility bills, proof of residency, etc.If a UW askes for this stuff you know they are having a hard time believing you.Best of Luck,