The plan is to provide the tenant with their own stackable laundry in their unit and offer the shed for storage.Is there a legal timeline needed to give such notice or is issuing a new lease best /covers all bases?

That might create some tax issue/book keeping complication.If @Brandon Hall is around, he may be able to clarify if this transferring of funds is a nonissue or a big deal.

@Elliot Rosen, do you understand the issue?

The reason being they did not want to be caught in a lease and have to deal with potential lease issues down the road.

You would want to know if anything was ever built on the land (maybe a house burned down) because if there was a house then you would have potentially buried septic or oil.Buying and holding a lot for the future with topographical issues is only worth it if the price is negligible IMO.

If you need to rezone for your density, you could have issues with local schools not having seats for that many new families.  

Increasing their rent 1 month after another is bad business practice and will cause a lot of issues.

Not reporting payments doesn't hurt you unless you have other credit history issues you are trying to overcome. 4.

Acquired a double lot for $112k after resolving title issues and paid $360k for construction, creating a 6-bed, 5-bath house designed for co-living or multi-gen use.

Hey Alton, hows it going trying to find properties for $30,000 to $40,000 & is sourcing private money an issue?