If you're going to go that route with listing it, do it the right way or else you may find yourself in legal trouble, or a buyer may snake the deal from you.Again, novations aren't anything new, and most experienced investors are shying away from them these days because they're operating in a legal "grey area". 

Just to give you an education on the market -  the price of a good investment home in Phoenix is around $400K. 

We had a couple companies come in and give wild quotes to rework our system, then found a guy who showed up with schematics and trade journal articles on our particular system, spent 2 hours educating us on it, then cost about $500 to go around and fix all the crappy work previous "contractors" did to the system to try "fixing" it. 

I love it.Initial things to consider - Real Estate is a tangible investment versus stocks, which aren't. 

Homes that will hit that 10% ratio as a short-term rental aren't easy to find anywhere in this competitive STR, market.

The huge advantage for us is not having the stress and expense of hard money hanging over us if things aren't going just right.

Rates aren't high, the great moderation was poor fiscal policy.

Your property management rate should be higher—there aren’t many options in the Metro East, and the good ones tend to be expensive.You mentioned that he’s already okay with you removing the tenant or adjusting rent if needed.

Doing it yourself will work, but it takes education, time, and effort to achieve success.

I'd also like to plug Bigger Pockets because of what you said, but also because of the education you can get here on the website.