This is what I did and it was an amazing decision.REI, if done right, can easily return 25% or more in year one and over 6% compound growth because of appreciation and increase rent rate.

🙄But you are immensely privileged.

Oh and you have to pay him hundreds or thousands of dollars every month and act like it's a privilege to do so, and you might have to pay even more money for housing basically whenever this guy feels like he can get away with it.

Real wealth in real estate is made by acquiring quality property in good locations and holding it over time and letting your money compound.  

Or said another way, the landlord at least in the short to medium term looks to be paying cash out of pocket for the privilege of renting.    

And having a natural water source is going to compound that issue. 

I'm really interested in the BRRRR method, because you can compound your portfolio so quickly. 

It looks like the mortgage calculation formula in excel assumes monthly compounding, but in Canada, the mortgage is compounded semi-anually.

You could just put a mini fridge and microwave in their space and not give them "kitchen privileges."

Roy, followed this through three forum posts, LOL.I'm a fish out of water as to mortgages or requirement out of the country, in your neck of the woods.Basically, other posts cover most of this on BP.You probably have a mortgage, look at it as to form and content for your note.The costs involved should be minimal, filing fees are a few dollars a page here, I doubt any second here could rack up a hundred dollars in costs, not counting an attorney fee.As to terms, here we can offset payments, allow accrual of interest and such on loans not cobered by our SAFE Act.If you want to piggyback interest, it's better to have a higher rate with an obligation to pay a lower amount which would allow the remaining interest to compound if simple interest.Really need more information as to what you want to do or how you want payments to be paid or received to suggest details.But again, you need to take all this to an attorney up there, what I do or suggest may not be applicable. :)