Is this how most people do it? 

Mistakes I see people make is they plan on living there a short time and over renovate the property where they will never get the money they put into it back. 

It's slower, but patient people tend to make wise investments.

There have been numerous people on BP talking about how they paid application fees but they could never get their loans closed on any deal brought to the company.

But here are the basics of each class.Class A Property:This is the “high-rent district”.

I do know some people suggest having multi checking accounts for long rental properties.

Avoid any self-help eviction tactics like changing locks.Maintenance: As a landlord, you’re responsible for ensuring the property meets basic health and safety standards, including working plumbing, heating, and electrical systems.Inspections: While there are no mandatory inspections required before renting, your property should comply with building codes.

And the split is whatever you decide on. 50/50 is what a lot of people usually do.

I started an article sometime back about whether or not people should do prenuptial agreements.

I think he's in the process right now so I'm not sure how it's turned out, but last time I spoke with him it seemed that it was going well.I always tell people looking to do co-living that there is a certain amount of risk that you have to be willing to take on.