If you replace it, do not let the tenants have any say in what type or colour of carpet it is and BEFORE you get anyone in to measure or install, get it in writing that they will have the entire room emptied and make the house available at a pre-arranged time for the carpet installers.

This is the problem with taking payment for the last month when a lease can extend indefinitely.This arrangement is illegal in PA due to a court decision 10+ years ago.

Consulting with a tax professional can provide tailored advice to navigate the tax implications of this arrangement, ensuring both parties understand their reporting responsibilities and maximize tax efficiency within the tenants-in-common framework.Hope this helps!

Sometimes maintenance.The PMC collects rents, although some may drop off at office, tracks EVERYTHING the onsite staff does and arranges maintenance of grounds and units.

In this event you'll still want to formalize your arrangement with either.   

We actually arranged a trip to see other markets and we’re blown off.

Ideally they would arrange to meet the tenant when they moved out to get the keys and make sure it is secure. 

His COO was supposed to call me yesterday with a pre-arranged time and he never called.

But each year the IRS has continued to shoe their dislike and distrust of the arrangement. 

You will need to learn about the local laws, advertise, background check applicants, meet them for showings, answer questions, get a good lease, answer the phone at any time, arrange for repairs, do inspections, manage finances, manage an LLC, and more.