This is the hybrid business/investment equivalent of that.Only thing I'd add is to document who is responsible for what.

Currently with leverage and 25% down my clients are seeing 12 to 14% cash on cash going in with commercial assets and that doesn't even include your depreciation for the tax equivalent yield.

@Shane Rawlings  don't change the locks; you'd be doing an illegal eviction.You need to serve your state/area's equivalent of a "pay or quit notice". 

ARV (based on comps of equivalent homes within 0.25 miles, back 6 months).2.)

It will get you bad applicants who can't get accepted anywhere else and are willing to pay your high rent.Whatever money you get at lease signing (when you also hand over the keys) should be cash or equivalent.  

On the one hand, I suppose this is the RE equivalent of vertical integration, so it should be efficient.

This almost feels like the Short Sale equivalent of going to the foreclosure auction and bidding on a 2nd lien by mistake thinking you are getting an amazing deal.Case #1 they are trying to short the Well Fargo mortgage that the Lis Pending is talking about.  

If not, then consider that you might own in the equivalent type area in a few years.

However, from the lightweight verbiage on their website, I would suspect it to be bound by the same limitations as the Wiesser and Schlage equivalents.

Jennifer LapinskyMy best guess would be to get in touch with your county's assessor's office (or whatever the equivalent is in your state) and ask them.