@Tom EvansCongrats on the potential STR in AZ.As for a shared well agreement, they can be tricky (even when it does not involve STR usage).

@Matthew Morrow, I am a little curious on how you are involved on the deal and what your relationship with this client is?  

I've been involved in a lawsuit that settled right at a million dollars, and that was over 20 years ago.

You are possibly setting yourself up for immediate failure.....there are too many moving parts and too much money involved to mess up this facet of the project.

A common strategy used by investors, such as those operating through PadSplit, involves purchasing the property, completing basic rehab, refinancing, and then using cash for the interior build-out.Another potential red flag, even without converting common areas, is the addition of individual locks on bedroom doors.

@Jonathan Cooper - Sounds like a short-tax year is involved.

Don't get involved at all in domestic violence - who stays, who goes, taking sides, etc.

The STR is a lot more work and even if you get a manger, you may have to be involved.

There is not enough meat on the bone to involve an agent or an attorney.  

Structuring a 203(k) loan for your partnership involves some creative thinking, but it’s definitely worth exploring.