Disconnection of electric, gas, water, sewage, or garbage removal utilities shall, among other things, constitute sufficient evidence that Resident has abandoned the Property.

The other factor there is you are paying too much for a property that collects such a low rent, which relates to the quality of tenant you will have to deal with.So, keep along your train of thought because you are working in the right direction, but definitely learn more about how the numbers work and what constitutes positive cash flow.

Your attorney needs to make this call in your state and they need to be aware of what constitutes an extension of credit and source of funds and equity financed.  

Demolition and gentrification claimed the cheap units, and sputtering incomes swelled the number of needy renters.As a nation, we appear to have upgraded our notions of what constitutes acceptable housing without figuring out how to make this housing affordable to poor people.

You need to have an idea of what constitutes an acceptable borrowing history and determine your risk tolerance before you review your tenant’s credit report.

What kind of people do you want on your team, what constitutes a good team member.

Upon termination date, Tenant shall be required to vacate the Premises unless one of the following circumstances occur: ... or (iii) Landlord willingly accepts new Rent from Tenant, which does not constitute past due Rent.

So him putting up the cash constitutes a reward of 50% of the NET income, and my accepting all of the liability and also doing all of the work and management for the property (although minimal since we bought turnkeys) constitutes the other 50%.Further Points to ConsiderIf you aren’t convinced this is a balanced enough split (money vs. risk split), here are some further points to consider with regard to why this may be an enticing deal for the money partner:What if someone doesn’t qualify for a mortgage but they have cash they want to invest?

If your wife can quickly pop out a few kids, to the point that your FHA-financed rental would no longer constitute adequate housing for your family, you could then get another FHA loan.Gives a whole new meaning to the phrase, "Tonight we should work on our real estate investing plan."

EXAMPLE OF VALUE CALCULATIONS & TAX DETERMINATION: Market Value X Classification Rate = Assessed Value - Exempted Value = Taxable Value $110,000 X Residential 19% = $20,900 - $11,400 = $9,500 Taxable Value / 100 = X Tax Rate = Tax Bill $9,500 / 100 = $95.00 X $7.8368 = $744.50 Tax rates are set each year by local taxing entities within the limits allowed under the constitution and state law.