No splits, profit shares, etc.It keeps it clean and simple and keeps you in full control of the investment.I think payments being paid on performance / profit splits can lead to tension in the family and limit your control in a deal.For instance, if you were going to sell for a loss, and your parents disagreed, or vice versa.

For instance you purchased a home cash, have no wages, no other income properties, or sources of income, and no experience as a landlord (some banks require you have two years of managing property, not us).what would be required:- signed and dated lease agreement for atleast 1 year- copy of security deposit- evidence of deposit of the security deposit into your account (bank stmt print out)Formula to use:75% of gross monthly - PITIA (Principal/Interest/Taxes/Insurance/Assessments)Assuming you have $0 other debt/obligations like you've mentioned you could technically cash out up to the point in which your income using the above formula breaks even/reaches $0.75% X Gross Monthly Rent(GMR) - PITIA = $0 or GMR = PITIA/.75Pro's of cash out refinance:If you cash out you could have your dollars working in two places at once.

The only instance where this might be a good play is if you're building an infill project in a highly desirable area with no inventory available.

I've seen a few posts about selling (for instance a triplex) a property once you've fixed it up, but what about keeping it if it's doing well and paying you each month?

My question is would that protect your personal assets (my car and primary residence for instance).

Right the MMI on FHa is now for life if you put less than 10% down but realistically only maybe 2% of people using FHA put more than 3.5% down unless its for a strategic reason.If you have superb credit I would recommend you use 5% down payment and payoff the MI through whats called single premium lender paid mortgage insurance this is done by raising the rate high enough to absorb the mortgage insurance for instance instead of 4.75% you can opt for 5.125% and it will pay for the MI off for the rest of the life of the loan, or you can keep 4.75% but pay the SPMI in cash, or pay the stereotypical method of monthly mortgage insurance.If you're going from FHA to FHa refi thats a different story (streamline FHA refi).

Another advantage, is that each room has it's own thermosat and you can reduce or turn off the heat in the rooms that you don't utilize and it some instances it provides better creature comfort as you can control the temperature in each room.

For instance, if the entire roof needs replacing, what are you going to do if the other owner says they can't/won't split the cost with you.

So, in some instances, rates or payment performance may not be an issue at all.

For instance, you’ll want to know what a good price is for home furnishings, how to determine their quality, and how to match furniture pieces.