Fees should be clearly stated in writing, easy to understand, and justifiable.

While living with tenants can pose challenges like privacy concerns and tenant relations, clear boundaries, professional management, and proper tenant screening will help you succeed.

@Jordan Miller - I think to give proper guidance it would be good to share more details on the revenues and expenses on the property.

Would it be easy to rent out?

I want to stop being pennywise pound foolish and get things set up properly. 

It is easy to spend thousands of dollars in marketing and have nothing to show for it.

But you need to educate yourself and know exactly what the remedy is, or you may pay a huge expense for nothing.Any company that's doing a bid will video your line (no cost) so they can properly determine what the issue is.

Give proper notice.

that we’ve learned in our 24 years, managing almost 700 doors across the Metro Detroit area, including almost 100 S8 leases:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+ (roughly 5% probability of default), zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680 (around 10% probability of default), some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.

It wasn’t an easy path—in 2014, I even filed for bankruptcy while trying to launch a business.