The IC agreement usually spells out that any agent reduction in commission has to be approved first by the brokerage and also that the reduction will not come off of the brokerages side.So for instance if you were set at 3% off 100k to make 3,000 and had a 50/50 split with the company here is what would likely happen.

Like J Scott mentioned, a joint venture -- the terms of which are spelled out in a properly drafted contract by an attorney -- is a possibility also.

I really like the way you spelled that out for the tenant.

Spell check!

Your best option might be a limited partnership (LP) where you are the general partner so you can have full control.Be warned that the GP can be personally liable in some circumstances so you may want to create an LLC that you own to serve as the GP.Then you would have a partnership agreement which would spell out the agreement of the parties and rules for operation.As mentioned above, it's best to consult an attorney who specializes in RE for all of this.Good Luck,Bob

For the late fees, you would want to serve another 3-Day Perform Covenant or Quit notice, presuming of course that late fees are spelled out in your rental agreement.You can serve multiple notices at the same time. 

Hello @RachelN A Promissory Note is the obligation to pay and spells out the terms (interest rate, payment amount, due date, late fees, etc.) 

The other issue is that you may have long vacancy spells, or you may be stuck with a long term tenant at below market rates, if they get in at low rent levels (and leases are frequently 3-5 years, with extensions.)

The degree and work experience helped me to be able to asses the structural condition of a house, and gave me great analytical skills (but my spelling sucks).  

The only thing this nut job has is a lease, but  there is an exchange for lodging that I can only hope was clearly spelled out.