In the end you will prepare a reconciliation of the tenants account which includes rent up to the day a new tenant moved in, the lease termination fee, credit for the security deposit and see if she pays it.

You can try to not-renew the current leases but prepare for a potentially uphill battle.

Reading through the contract offer that my longtime buyer's agent has prepared, I was surprised to see closing date August 7 and first payment due September 1.My understanding is that the buyer normally gets the remainder of the calendar month after closing date, plus the next full calendar month, before first payment is due on the first of the following month.

As I start this venture, I want to avoid the mistakes of other PM's and learn from those who provide and excellent service to their clients.

I don't see how the seller's agent has to prepare the offer.

Do prepare this data for atleast 50-100 properties before making a decision4.

It maximizes your potential for income flow while letting you dabble in real estate.It is a great benefit that you are prepared to work on do-it-yourself projects and concentrate on little improvements.

That can take some time to build the teams, vet them, and be prepared to have some "BiggerPockets" for your reserves if things go south.

They might offer better terms or be more flexible in such situations.Partnerships and Investors:Bring in Investors: Your friend might find investors interested in contributing capital in exchange for equity in the property.Form Partnerships: Consider forming a joint venture with a developer or another property owner who can provide the necessary capital for rebuilding.Similar Experiences and AdviceCase Studies: Researching similar cases can provide insight into how others have handled such situations.

I have enough savings to pay the down payment (family supporting me in this venture).