Hi @Elizabeth Colegrove .

@Sam Leon , some excellent points were made:Confirm your insurance by @Eugene Hoffman & @Elizabeth Colegrove advice to find the 'real reason'I'm with @Beth L. , a little flexibility can have bonus results.

We've never written this in the rental agreement and never had a problem with it, but I'll follow the suggestion of @Elizabeth Colegrove and @Steve Toth and include it next time.

Some types of small black ants need to be sprayed by knowledgeable exterminators because they will multiply with a poorly conducted spraying and have more than one queen.

@Elizabeth Colegrove i agree be prepared to loose house if you dont close i use junk as a discount then pay people to clean them out good luck to you@Stephen E. 

@Elizabeth C. if you're looking at cap rates you're looking at some variation of the 50% rule.

@Elizabeth C.

To Elizabeth's point, I was afraid of potentially offending a prospective tenant by telling them I'm making them put there kid on the lease as some one who's essentially liable for the rent.

The area is in Sunnyside, Queens where it's not really high end but I'd say mid range. 

regarding Elizabeth v's comment, the operating agreement will spell out the details of the partnership agreement and terms regarding profit distributions.From my experience of setting up and creating llcs for  our private holdings, that's the first step in shielding yourself.