My lawyer suggests in a situation like this that I give them a notice that I am the new owner and that as of a certain date they owe market rent of $X,XXX.

Study the market.

Here are a few suggestions on how you can maximize the wealth of information available: Check out the blogs and podcasts, or take advantage of the search feature (magnifying glass).

Currently, my interests are Indianapolis and Louisville (though I would welcome other suggestions). 

I suggest you put money into the deal with labor.

I’d suggest you look at your local market and see if you can find anyone that way. 

All the best, Steven  If you're going to do a partnership or even a joint venture agreement I would highly suggest using a competent lawyer to draft your business agreement.

Though I did choose to continue with the suggested property management company of the area, I was able to find different lenders that suited my needs better.Overall the process was very easy, much easier than I thought it would be.

That’s okay—what’s important is understanding the "why" behind your investment decisions.While your accountant’s suggestion is a great starting point, make sure investing aligns with your own goals and situation—not just because someone else is enthusiastic about a particular strategy.

Data suggests that both of these places have been on a decline for years.