Hey guys so my architect was in the process of drawing me up plans for my 2nd unit for house and he already experienced some push-back from the city for one of his other clients.

Since you haven't closed/went to settlement yet, one option is to have your title company draw up assumption paperwork. 

The state's economic dynamism, natural beauty, cultural attractions, and educational institutions continue to draw people and investment.

I expect this will draw more business to this area. 

Equity split - This is more of a straightforward partnership where profits are divided based on the initial capital invested.

I’d like to add that it’s also landlord-friendly—licensing is not required and there aren’t any rent control laws in the state.Likewise, both Greg and Eric have already spoken at length about Montgomery, but I want to draw your attention to a few other under-the-radar markets in the state that also have the potential to cash flow well.The places I had in mind include suburbs outside of Huntsville proper, like Decatur and Hartselle.

Drawing from my experience delivering over 550 investment properties, I can say with certainty that self-management isn't practical for most investors.

@Victor YangWhy are you not reaching out to a NC real estate attorney to draw up a document that spells out the agreement that you are looking to do with the tenant?

If you are already an experienced investor, which if looking for off market properties, then you should be more than capable of drawing up a contract and sending to title w/o benefit of a realtor.

You get a Capitalization Rate (CAP Rate), which equals your annualized return by dividing the Net Operating Income (you had gross in your narrative) by the purchase price.