The #1 issue I have with appreciation investors is the fact that a significant component of your model is built on on a forecast (housing price movements) that no one can predict and the average investor is not going to be wise enough to pick the right areas and houses for appreciation (look no further than 2008-2010 period).

If you leave her on the lease she might create more problems, visiting unexpectedly, because it's still 'her home' and thus she has rights.If they're both in agreement and are willing to give that in writing, I would see no problem in creating a new lease for him, since he's already the one with the income.

Many unexpected expenses can wipe out $300+ a month in cashflow. 

You may never do any of the work yourself, but being able to visualize a component and have a rough idea what it should cost and how it is installed can be invaluable.

Having a retail component certainly makes this a more challenging transaction since you have to do a good job with both asset classes in order to succeed.

I can explain this further if you like, let me know.You'll also want to look at and as best as you can determine the service life of the various components, factor that into your plans (buy and hold?

Success in real estate depends on your ability to withstand set-backs, push-downs and unexpected challenges.

Just be sure you can handle the payments easily because there will be unexpected costs.While you are working at your j.o.b. you can be studying and you can go to investors' meetings if there are some near you.

You also will have closing cost both sides, holding cost and unexpected cost to figure in, along with the purchase price.

That said, it’s not so much the unexpected problems (which we all try to prevent, but understand may happen) that I’d be most uncomfortable with, but the lack of straight forward, up front communication.