It's a nice house and has a lot of valuable art in it, so we want to make sure that whoever we rent it out to is responsible and respectful.

When the real estate is in a condominium project, the unit owner is the exclusive owner only of the air space within his or her portion of the building (the unit) and is an owner in common with respect to the land and other common portions of the property.FHA mortgageA mortgage that is insured by the Federal Housing Administration (FHA).

If they are going to broker it to an outfit that starts with S and ends in T, or that's two words with the first two letters being D and H respectively, you're doing OK.

Huge company, great reviews, stellar service well respected in the business. 

Goal:  Build a larger portfolio of better-than-average properties for their respective areas over the next 5-10 years, reinvesting as much if not all funding into the portfolio to grow to a point that it can replace our income.  

@Russell Brazil I know you have extensive experience in these things, but I respectfully disagree with you, especially for a new investor and especially for a first flip.

The goal is to remain respectful and not harrass him while you are trying to manage his tenancy. 

Generally speaking the IRS targets high income taxpayers as the big fish offer the highest potential "ROI" for the IRS auditors' time.The question to you, respectfully, is "does it matter"?

@Deborah Repaskey I'd personally up the amount of capX and repairs to 10% and 5%, respectively, however given that the house is <10 years old I can see where you're coming from there.

Be respectful of their time.