Aside from that, tapping the equity in your primary residence is a fairly common strategy and you can find numerous posts outlining the many benefits and potential risks. 

You need a purchase and sale agreement that outlines all of the details and parties in the transaction.

My partner @Joseph Koury did a beautiful job in outlining it.

I basically look at the competitors that are performing well to see what they’re doing right, find the average word count, recommend some keywords and phrases to incorporate, and then structure an outline for the writer to go off of.

For the reasons I outlined above, many people in the know actually think that US real estate is much riskier than Colombian real estate today.I like to be balanced in my opinions so I wouldn’t go that far, especially considering the Covid-19 crisis.

First, you can only hold your tenants responsible for things outlined in the lease.

This is not a bad deal you've outlined, but not a good one either.Most seasoned investors look for properties that they can either:1) Get below market price2) Get seller financing3) Can somehow "reposition" via cost-effective improvements for higher rents, or adding a unitWith the market cooling off, you should find more and better deals.

The point is, right now it seems like a lot, like RE is so crazy complicated…but after awhile, you see it the same as a check out line at the store.  

See the image below.If you follow the steps I outlined, your odds of consistently buying dependable passive income properties are excellent.

It should outline everyones specific roles and set expectations up front.