It was a PIA for paperwork and took about 9 months to finalize.  

But wow, they sure are being PIA s about moving out.

The entire 203k process is a PIA, but it allows you to put almost nothing down (3.5%), and get a very low interest rate as compared to hard money.

Let's run the numbers:Example:Buy house for 200kFix house over 6 months for 70kTotal cost 270kSell house for 400k - 30k in seller contribuitons, holding costs, RE fees, etcNET 100K40k to you. 60k to equity partner.ORBorrow 270k at 10% + 2 pointsFix house over 6 months 270k+18.9k to lender (actually call it 22k because lender will probably have extra junk fees built in) Total cost 292kSell house for 400k - 30k in seller contributions, holding costs, RE fees, etcNET 78K78k to you.Then there's the PIA factor of having the equity partner stop by to "check on their investment" and present their ideas on how to do things, etc.Of course the other side is you have to be able to make the monthly payments to the lender unless you negotiate that the interest be paid in arrears (when the house sells).Since I've got a proven track record I've got guys proposing to partner up with me all day long.

At this point, a LLC would probably be more of a PIA than a benefit to you.

A lot of landlords and apartments will not give references and it is not uncommon for a landlord to give a good reference (lie) to help a PIA tenant obtain new housing.  

Another thing to consider,  though its unlikely because I assume you bought this somewhat recently, is if you pay it off prematurely you keep the PI as permanent cash flow to yourself.

Sound proofing can be done but is expensive and a PIA.

Once you've been in the business for awhile, and dealt with PIA tenants, any emotions quickly go out the door.

Hi Pia,What is your property management situation in Texas?