Consider consulting a CPA and attorney to address tax implications, liability, and ensure proper documentation for your multifamily investment partnership.

Consider all the things that could go wrong and see if the lease addresses them: unauthorized pets or tenants, early termination, security deposit, lease violations, late rent, eviction, lawn maintenance, parking, etc.5.

And for those that I may be wanting to connect with that don't sign up from an email link, I will text them first, with a message along the lines of "I just wanted to check in and hear how you've been, address any questions, and give you a quick update on recent initiatives we have been working on" (or something along those lines).  

Additionally, we addressed plumbing and electrical issues to make the property fully rental-compliant.

Where it gets interesting is that the house has 5 mailing addresses associated with it and the fire prevention bureau has on their records it is also a 5- unit house, and I am billed as such upon annual renewals/inspections.

The biggest challenge was addressing unforeseen structural issues, which ate into the budget.

The biggest challenge was addressing unforeseen structural issues, which ate into the budget.

See the chart from Fair Isaac Company (FICO) below: FICO Score Pct of Population Default Probability 800 or more 13.00% 1.00% 750-799 27.00% 1.00% 700-749 18.00% 4.40% 650-699 15.00% 8.90% 600-649 12.00% 15.80% 550-599 8.00% 22.50% 500-549 5.00% 28.40% Less than 499 2.00% 41.00% Source: Fair Isaac CompanyAccording to this chart, investors should use corresponding vacancy+tenant-nonperformance factors of approximately 5% for Class A rentals, 10% for Class B and 20% for Class C.To address Class C payment challenges, many industry "experts" are now selling programs to newbie investors about how Section 8 tenants are the cure.

Unless Quickbooks has addressed the issue does not have a specific real estate module so you have to work around it using customers as properties and jobs as tenants.

I would assume that they were already tenanted with Section 8 renters since most of the time properties that pass municipal code requirements don't necessarily meet requirements for Section 8 rentals, meaning there is typically a list of repairs generated by the Section 8 inspector that need to be addressed even if the home previously passed a city inspection.