Along with this activity, an operating agreement should be signed, a board of directors/ advisors should be formed, and board meeting should be held along with minute meeting notes being taken.

There is unfortunately a lot of issues going on in the DSCR Secondary Markets with regards to PadSplits right now - Wall Street is insistent on considering them SRO/Boarding Houses and are pulling back making financing these (if theres any sort of alteration at all) very challenging at the moment Thank you for that information!

Another property continually has squatters even with boards up and bars in front of the windows and doors.

So back to the drawing board....and yes, the financial piece has to make sense... 

Blue County = High taxes, pretty simple :)at $300 a month in taxes that’s a cash flow killer, you will need to go to the board next year and request an adjustment if possible, you may get granted but you will need to have a good report presented to the board with comps that are very similar to yours, but again it will be difficult because your property uncapped and it will never go back. 

Definitely check in with your lawyer to make sure everything’s above board, but these steps should help you handle the situation while keeping the tenant relationship intact.Hope this helps!

I have to read the handbook on landlord-tenant laws before I do anything and just to be safe call the Rent Board, like my recent rent increase with lease renewal. 

The first tenant I raised $650 and they contacted me to find out why they had been singled out and I had to explain that the increases were going to be across the board.

Your advisor is right on in my book.

I've seen great reviews on using PadSplit as a way to get onboard and off board tenants as well as collect rent and property manage as a whole among other things.