Have some form or written agreement (it can be fairly simple) stating how they need to report their hours and the rate you will pay per hour.  

My opinion is that if you're doing big deals with the same group of people, the traditional method is the simplest.

The ingredients are just a little different.

The recipe for projected area growth is set with all of the right ingredients: Continued low inventory, announcements of job creation, HQ influx, low residential vacancy, and strong year of year rental growth.

I spoke with a traditional lender the other day from Total Mortgage who said it would be difficult for me to get any kind of financing outside of a traditional 20-25% down investment loan, because I don't have a credible reason to be buying another multi-family outside of investing purposes.What is the simplest way to make a second purchase utilizing the 203k loan program without running into issues in underwriting? 

We think the simplest way to do this is to wholesale the property to our friend, but we’ve never done any wholesaling and have no idea how or what to do.

This is the simplest method, but it also means your tenants are more likely to abuse the utilities by leaving windows open with the heat or A/C running, leaving lights on, ignoring the toilet that constantly flushes on its own, etc.3.

I must say, doing it the wrong way will give you nothing but headaches and wanting to throw in the towel.However................Doing it the right way will be FUN AND EXCITING.  1st ingredient is the Why and the Want!  

@Robert Graham  Simplest way is a straight interest-only loan

The ultimate goal is a family vacation home that puts money in our pocket in the simplest way possible.