Another point I made was that if it is a significant increase in rent and you think they may not be able to afford it, the property manager SHOULD be re-qualifying them, not just blindly sending them a renewal offer at much higher rent.  

Account Closed The property and the gift coming from the same family member is going to be an issue.

Thank you ALL for the well thought out responses...as a new BP member (I joined last night!)...

@Joshua DaviesA lot of wealthy foreign individuals become shareholders in a Corporation who ultimately invests in the partnership fund.example.Joshua Davies, LLC has 2 memebrs in his LLC; Joshua Davies and International Corp, IncThe shareholders in International Corp, Inc. are International Investor 1 and International Investor 2.When money is distributed by the Corporation to the investor - it is no longer rental income; it is dividend income.The Partnership is now not required to withhold or file form 1042 since the member is not a foreign partner.The international investors avoid having to file a US tax return because they are receiving dividend income instead of "rental income"There are some pros/cons associated with this approach.Possibly more administrative costs(registering of corp), filing of corporate tax return etc.however, many foreign investors like this approach.

You shouldn't be relying on an agent's estimates.Rent Comps - I provide these in a similar manner to the ARV.

Trying to time the market whether it be RE or stocks is a fools errand.

@William NewmanHello Bigger Pockets newest member! I

Being a PRO member is absolutely worth every penny.

Having said that, I trust my agent now like a family member, I ask him for advice and bounce things off of him for feedback.

Being a Board officer or member is a volunteer and thankless job, but if working with the right group of people, you can get a lot of great things accomplished for your community!