I guess it would be spelled out in the rental agreement, but I wonder how binding it is.Many thanks.

However, in the past when I dealt with homeowners I insisted that they sign a notice I provided spelling out all the pitfalls if they did not perform as promised.

Thanks for the time it took to spell all that out.

This information is also all spelled out in the text of the lease as I always include what I receive from a tenant to be pefectly clear.

There is no magical spell you can cast to rid your friend of his burden.

You have many options so I would suggest spending lots of time here on BP to get acquainted with all of them, then pick the one or two means that best fits you.Many of us have spelled out some of our deals here on BP in thread posts and blog posts.

The training we went to said to have the contractors sign your forms (they gave us the forms they use) that spell everything out, and protect the investor as well as specifying when they would be paid (after some work was done), etc.

Would that be the entrepreneurial (whoa, thanks spell check) spirt chasing freedom?

It's spelled out with the BOR and in state law.The reason for disclosure or the spirit of the law is to provide the public of your expertise in the area of real estate that another person may not have, you are seen as the expert and disclosure is giving notice of you having greater knowledge than an average person you may be dealing with.

@Dawn Anastasi with those numbers and quality of houses you will see Milwaukee Turn Key company coming on line soon.It sounds like its a sleeper in the Rental sell to out of state investor business.Turn Key companies could make very nice margins with what your describing nice homes not in Hoods that have those rental metrics.give it 90 days one of the folks here will start up there I suspect.I have many fond memories of Milwaukee, I spent many summers there as a kid. my grandparents lived in Wauwatosa ( probably not spelling it right) and Pewaukee lake...