They just need the state of organization listed.

See BP Podcast 229 for more information.If I were in your shoes, and depending upon how good the friendship was, I would ask her for a portion of the profits she's made thus far, since you gave her a "friend's rate" on the rental and she's technically violating the lease, it's only fair.However, since you think she's not going to be honest about what profit she's made, I would assume you really aren't very good friends, just very old acquaintances.Regardless, I would terminate her lease at your earliest opportunity and begin short term renting it yourself.

Rents won't go up unless sales go up so you are effectively tied to the organization's growth which is highly based on the economy and assuming we are at a peak sales may take a hit in the near future.

I have someone who had no license when doing work for me, and now has a handyman's license organizing and subcontracting work on my flip.

It's organic business growth, not propped up artificially

I'll be there if you want to meet some active investors.CAREIA.org for details (it's a non profit organization).

I think the short answer is that it came from an organic process.Norm and I have been a ma and pa operation of purchasing and landlording in North Adams, Ma. for 10 years.  

Your suggestion would fall into the organization cost in my above picture (pre business beginning).

When I was diagnosed with stage 4 cancer, and spent months in the hospital (lost the ability to walk and had some organs removed), and wasn't expected to live, I made sure that my brother dropped off a rent check every month to my landlord.

Honestly, if you want to scale and buy other property, it makes a lot of sense to organize things via SPEs.