At least you can terminate in 60 days on a non-paying tenant and avoid a formal, lengthy, and expensive eviction.What towns are you in?

When doing due diligence on multi family properties, if the current owner does not have a rent roll or formal T12 or P&L how can I verify the income of the property?

@Matt Chestnut so a PPM is a very thorough, detailed, and formal document that outlines the purpose and risks associated with the sale of a security.

I am wondering if I should treat them as I would any other tenant such as asking for Security Deposits, Signing a formal lease agreement w/ terms, verifying their incomes (to make sure I can get paid and friendship doesn't go sour) and holding up the lease agreement?

Frankly, we are on a cliff and I need one more favor.HB 461, the Landlord eviction bill, is on a maybe list to be heard in the Senate Judicial Committee on Friday, the last day bills will be heard.Would you write a quick email to Chairman Todd Lakey (you will need to format this it is :  tlakey  then put at sign senate.idaho.gov) and Co-Chairman Abby Lee (alee then put at sign then senate.idaho.gov) and ask them to please make HB 461 one of the bills that gets heard Friday?

We try to alternate between a formal meeting & a more laid back meeting (for laid back we just meet at World of Beer or somewhere like that)I'll tag some local investors that I'm sure would welcome you..

Note to Bigger Pockets readers: Pat HAS sent me the pics, he's got them, this is totally real and even nastier than you might imagine.I met some incredibly stupid people teaching, but most consequences for being stupid in renovation are far less forgiving.On the other hand, it's really amazing how many successful construction team leads/foremen, especially on generalist crews, actually do have at least some formal teacher-training and experience.

@Jaron Walling the rent is set by the market and $700 isn't high for the state of California and is likely a steal of a deal for a renter who doesn't want to rent a formal apartment. 

Like always, prepare formal written tenant acceptance guidelines, make sure they are legal, and use them in every case.

It's best to have a formal agreement, and going through that process should also help you get some clarity about what it's like to work on something difficult with each other.