I wasn't sure how the second unit would be handled but as you clearly outlined, it will be two separate depreciation schedules.

To that end, I decided to take stab at creating one, a single page document that outlines the core beliefs that define my personal investment approach, and then to templatize this in case others find it valuable. 

This will outline rent amounts, security deposits and any other special terms in the lease (ex. allowed storage, parking and etc).

Operating agreements function as a legal contract between or among members of a multi member LLC, though even single-member LLCs can benefit from one, too.Joint Venture Agreement: In its simplest form, this will outline what is expected from each party throughout the duration of the partnership.

I’m trying to buy for like $50k, rehab for $25k, and hopefully refi at $100k (As a rough outline).

This would work well if you are trying to get into another house-hack. 4) If you are stuck, I think that you can consider having a sit-down and outlining the rules of the house: - You are the landlord and she is the tenant. - You are responsible for these items, and not those items (make a list of what is reasonable for the landlord to deal with like broken toilets, leaky sinks, power outlets not working, windows not opening, etc. and a list of what the landlord does not deal with like people making noises outside.

So, my contribution to this thread is to outline the process we recommend.

I was hoping this was different than 2008, I do believe so as it appears that the factors contributing to the shift in Las Vegas that you outlined in your message are distinct from the housing bubble in the late 2000s.

I find it easier to outline the boundaries.

Now I am commited to overcome inertia and begin investing following a business plan that outlines flipping to build some capital and then create some passive income.I will say I am impressed and inspired by the vast array of information and expertise available within this group and humbled by the evidence of what I don't know.