Then you can use the funds on demand as needed maybe start with the 40k renovations on your duplex and then have the rest of the credit line readily available to get the large multi-family you are looking for.I dont know the location of your duplex in California but $925 for rent per side seems reasonable and there may be room for rent increases.

Eventually, I would like to purchase a property that would be in demand (as a rental) for the ski season, and be available to me in the summers. 

You would probably be obligated to mitigate your damages after evicting her, which would mean finding a replacement tenant, giving the evicted tenant grounds to demand a refund of her prepaid rent.

Be careful what you put in writing,a lawyer can use it against you in a court of law.The tenant is within his legal rights to demand a receipt for rent paid and the reason is not up for debate by anyone.You must furnish a receipt within a certain time period established by your local state law.You can furnish it electronically,US Post Office mail,or in person.Also,that statement regarding possibly moving into the apartment might been seen by a judge as illegal harassment of a paying tenant.You seriously should seek legal advice from a competent attorney and let them write responses to your tenants with the correct legal language.

It may slow demand a little in high cost areas for a minute, but when people are already buying in cashflow negative area, you really think they care that much about the cashflow or cost?

I'm not sure if that's due to liability or lack of demand (as you pointed out, pools have liability and there are lots of them in my market as well).Every time I visit the property, there are 3 or 4 young kids (under 10) playing outside on the grass, and I would really love to have a playground for them.

Allow him to sublet to the other two but demand a single rent payment check from only the individual on your lease.

Therefore - your liability should be limited to the amount that you contribute to the partnership/LLC.Whether you feel 50% is fair or if you should be entitled to more depends on what each person is bringing to the table and what his/her level of experience is.The more experience a person has the more leverage he/she has to demand a higher percentage of the profits.A general contractor/property manager with 20+years of experience likely has more leverage than a contractor who is just starting out.It also depends on what you require as a rate of return.

. - cover yourself while you can, or demand a lower price.

Simple supply & demand. A