Make sure you have smoke and CO detectors in appropriate places, GFCI outlets near water, functioning mechanicals, make sure everything is in good condition and you shouldn't have a problem.

The buyer's attorney claimed that only one of the two spouses signed the easement.There is a significant water view from their property, near the top of a hill. 

Leave credit cards at home in the freezer in a bag filled with water that has frozen over....lolAmazes me how many people fall for these types of programs.When I buy NNN properties either my buyers wanting to own direct and I find the property or whether they are accredited LP investor on my syndication deals they learn with me while they INVEST CAPITAL to own fully themselves or a piece of the deal. 

A decent home away from the water in Rockwall should cashflow (unlike Plano and Frisco), look off John King blvd, or parts of Fate.

At that point we tested the waters and gave them the option to keep the money or to reinvest it in another property.

First off, the water is probably coming from your unit.

Just keep an eye on how both markets are performing, and maybe start small, like taking out $50k, so you can test the waters without over-leveraging.

Ok, so maybe I am not getting it but I have a hot water boiler with separate zones for each unit.

Storm sewer, storm pond, sewer lines, water access, fire hydrants, public bathrooms, surface coverage, sidewalk or bike paths, setbacks, power lines and right of ways known and unknown, road access, etc. 5.

If that's the case, you would charge rent + utilities + water or just lump it into one rent fee.One thing to keep in mind is that friends often bail on deals like this once you get it so you have to be prepared to have to figure it out if you get the house and he isn't interested.