One of the benefits is that being on the loan can help build his credit, which will be valuable for his future financial goals.

I agree that past performance does not represent future results. 

Vacancy & Risk Management✅ Plan for at least 1-2 months of vacancy per year to avoid financial strain.✅ Understand eviction costs and legal processes in case of tenant issues.5.

Currently investing in small multi family but looking to transition to commercial value add's in the future.

Quote from @Melissa Stanley: A "cosigner" is someone that is financially responsible but not an actual occupant of the rental.

I am in a very similar head space right now in terms of thinking about my family's future.

Here's what we require to do a Payment Plan:1) Tenant MUST put in writing specific payment dates & amounts2) Tenant MUST provide us acceptable proof of income to support Payment Plan3) We put their proposed payments into a spreadsheet that includes their current past due balance and future rent payments--- Many tenants only focus on their past due balance and forget about future payments!

Our investors are busy professionals taking control of their financial future while still making an impact in patient care.

I'm surprised this hasn't been said yet but I just want to set you up to have good expectations going forward for future projects - This is not really a crappy situation, you don't need to go looking for another contractor.

This would spread out your risk and diversify your portfolio, but it would also mean managing more properties.One thing to keep in mind is how you plan to finance future deals.