We recommend you get management contracts from several PMCs and compare the services they cover and, more importantly, what they each DO NOT cover.

To protect yourself, consider covering the electric for now, keeping a record of any payments, and adding them to the total owed when you file for eviction.

The agreements I've seen basically say you are guaranteed nothing, you could lose all your money, you might not be paid on time or ever, you can't rely on any representation made by the GP, you have no control over the operation and other terms and disclaimers to that effect.

A mid-term rental near a major hospital could bring in $1,800–$2,200/month, covering a larger part of your mortgage than a long-term rental. 2.

fha. 3.8% interest and Currently owe 450kMortgage $3,400.00Currently we are renting home out for $2,400 and taking a lossLiving in an apartment for $1700 making total living cost $2700 with the 1k for covering loss on home Household income 180k-200k Please help me figure out what makes the most sense in this situation.

If the taxes were increased and the escrows that were collected up to that point were insufficient to cover the new tax bill, then your future mortgage payment will increase by an amount that will cover the new tax bill AND make up for the shortage from the previous payment.

It's going to take A LOT of coats to get that black covered.

I had to put about 25k of my own money into this first deal between the down payment, agent commission, inspection, closing costs, and holding costs, so I'd like to get as much of that covered as I can on my next deal.

Most brokerages also now have a checkbox on their representation agreements where the client can opt in/out to being shown properties that don't offer buyer agent commission. 

I’d suggest drafting a solid agreement upfront that covers everything—ownership percentage, costs (mortgage, repairs, utilities), how profit is split, and even exit strategies if one of you wants out.