I remember meeting a Mat at Scott Good's July presentation but didn't realize that was you.  

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Originally posted by Mat Lewczenko:Cary Welcome!

I built new houses in FL for a few years and was able to get anything I wanted with just a few mouse clicks.

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Hello Mat,Welcome to BP!

My lease holds the Tenant responsible for ordinary pet control and that would include a dead mouse under the stove.

Let the tenant/mouse have a cookie and they'll demand a glass of milk.I agree with what others have said about the repair issue.

We can keep this out of the recent SAFE Act/Dodd-Frank as a commercial transaction by matching the agreement to the under lying mortgage when the existing loan may have been made as an owner occupied loan, (use of funds should be required) comingling the use of funds may become an issue.The additional equity mat be agreed separately, as another principal part under the same agreement or as a second.Here is some reading on the DIL and use of the QCD. http://www.atgf.com/tools-publications/pubs/deeds-lieu-foreclosure-advantages-disadvantages-and-draftingI agree to that the DIL should be or might be done at settlement simply as a disclosure that the lender would accept a DIL, I'm sure it could be dressed up explaining the benefits to a borrower as that there would be no additional costs and deficiency sought.

Run it through the Rental Analysis here on BP...https://www.biggerpockets.com/buy-and-hold-calculatorI come up with $165/mo, using the 50% rule.