Regardless of your intention if you treat applicants differently you could risk a lawsuit on perceived discrimination unless you are exempt from the Fair Housing Act and there's not any state or local statutes that may come into play.

For better or worse, I'm not in that position, but perhaps it's still a good idea to treat them as though they are?

We treat it as a business , have a written agreement and having monthly meetings. ( we also have a 2 yr agreement on partnership - at that point we will re-evaluate)We are trying to model some of the success stories out there in partnership.Thank you very much for your advise

But you should still understand securities laws so that you don't inadvertently do something wrong (like calling it a JV and then treating everyone like passive investors) that cause you to run afoul of securities laws.

Or hire Servepro...Treat chemically for mold as well.

I think what you are looking for is someone trained in the ways of real estate investing - an agent that will:Introduce you to FSBO's - Expired Listings and other real estate opportunitiesWill be your fiduciary representativeWill make offers for you on suitable real estateWho understands creative financing; delayed settlement, seller assisted financing, assignment, wholesaling, REO, tenant selection, soft money mortgages, tax salesWho will be responsive to your financial goals and a person of integrity and trustHelp with direct mail and street marketing to locate transactionsHousing and rent court marketingAbsolute aware of financial and contract clauses as well as contract engineeringCan assist in - delayed settlement - automatic extension, performance mortgages, subordination, principal mortgages, options and joint venturesAware of bidding on REO, forclosures, tax sales and public auctionsUp to speed on commercial real estate, lots and land as well as businesses with real estateHow should you treat this wonderful person (if you can find one) -They should have a commitment from in the form of a Fiduciary Buyers Brokers AgreementYour agreement to pay them a commission on any non-listed deals they bring youA bonus agreement for great deals that you closeA gas budget - or a cash payment for gas Kind words and respectTo be sincere and active with the agentRespect from youFirst class training on how to represent youSometimes an equity interest in the great deals the agent has initiatedListings when you are ready to sellYour cooperation - all your financials, tax returns and other information that will help your agent close dealsA few free lunches ----Good luck --- Charles

Treat them fairly, price the property accurately, be a responsible landlord, and I'm sure your new tenant could be just as loyal (maybe not for 30 years) but for a while! 

Since my wife is 65, can we now treat the MSA like an IRA and start taking withdrawals penalty-free?

Now you can scale your business... and make sure you treat this as a business!  

I definitely would not be treating this one as a hands-off business.