Just a notarized joint venture agreement (stating our duties, obligations and 50% split of net profits, etc.) might do?

They get everything signed and notarized to everyone's satisfaction.

If the Option or Memorandum is notarized and recorded, you will need to wait for it to expire or compensate the Optionee enough to assign to you.     

Notarized won't make it any more legit. 

Investors, whether in California or not, are looking for different objectives and each calculates risk and reward in his or her own way.

If not, are you telling me that cap rates aren't applicable to private nursing facilities?

All leases longer than 1 year should be notarized anyway. 

So far in each case the owner can not be found, notarized mail addressed to the owners address on file with the county treasurer is returned as undeliverable, and each owner's heirs (if any) have not opened probate. 

Hi Nick,I don't have any specific advice about whether or not to let them stay, never dealt with this before.But, if you decide to allow them to stay, and "have them sign something saying they are responsible for the actions of the dog," make sure whatever agreement you have them sign is written up by a lawyer and notarized or chances are it won't actaully protect you against anything.

Many of my acquisitions started as a possible flip but I kept them as rentals.Final Final Note: Not are recessions are the same.