I'd been hoping to not "go overboard" since it's just an owner-occupied house hack in a SFH so it sounds like I *could* keep things simple.This isn't so much about the software but I saw you're active in LA; did you find that the templatized leases via KeyCheck/Rocket Lawyer suited your MTRs? 

Quote from @Jonathan Greene: Quote from @Mitchell Gunlock: Quote from @Jonathan Greene: It probably sounds easier than it will be in practice.

It sounds like there is some scale in the deal for a fix and flip, but you would surely be way out ahead of your skis to do that based on what you said.

You will be replacing carpet constantly. 

It sounds like you’re in a tricky situation!

@Larry Nielsen Sounds like a very long term tenant if their rent is that low and they've been reaping the benefits of it being low for at least the past 3 years.

My questions are: 1) Is this a common concept in commercial properties that the tenant is responsible to repair, maintain, and replace anything in their leased space regardless of the cause?

Sounds like you have some great tenants and I wouldn't worry too much about this situation. 

sounds like you folks need to get a Reciever in there pronto before all the funds if there are any go poof.

It sounds like you and or your agent may not have done your full due diligence.