Unless I'm mistaken, the contract between owner/landlord and PadSplit doesn't have a defined monthly rent but a target/goal of monthly income (so it's hard to use that as lease).

Forcing appreciation on properties requiring work is a longer term goal but I’d like to start with a simpler project.  

What was your goal when purchasing this property?

For added liability protection, consider setting up an LLC for the rental, though this may have limited impact if the mortgage is in your name.This post does not create a CPA-Client relationship.

The second year we only spent $25,000, and achieved our original goals.  

Los Cerritos Wetlands Oil Consolidation and Restoration Project (California): This project demonstrates how public-private land swap arrangements can be aligned with environmental restoration goals.

It's essential to clearly define your goals.

If you do decide to work with them, you could set up a clear partnership where they’re equity partners and you handle the management and operations.

He gives realistic no fluff advice for those starting out and of course that's a huge part of BP audience not the guru's or the guys at are at the top already or say they are.. but real advice on how to work in a local market and do the things it takes to get there and how long it generally will take a person if they are dedicated extremely focused on the goal as Steve and his family were. 

Explore my personal favorites, Set For Life by Scott Trench or The Total Money Makeover by Dave Ramsey, for invaluable financial insights.3.