Great idea Melissa.In my area we had a city legal aid committee that put together a pamplet about tennant responsibilities and landlord responsibilities and not only handed it out but incorporated it into the rules which was incorporated into the lease agreement.

By looking at other cities, what's the approach I should take and what systems and elements should be incorporated into my business plan?

I imagine, my inspection, my notary, maybe incorporating a new business for this building to keep good books.

Jason, so you put beds in the bedrooms, couch, chairs, the works?

btw, ben... do you sit in a chair, have a big ring and people have to kneel down and kiss it before they start talking?

I looked them up and their address is in Minnesota, but also were incorporated in numerous other states.

It depend on the quality of the work and functionality of the design, if a garage was later incorporated, did they add another garage?

We've incorporated late fees into our platform.

The first line of my addendum reads: "This Addendum incorporates by reference the P&S Agreement between the Seller and Buyer dated ___, and should any inconsistency exist between this addendum and the P&S Agreement, this addendum shall control."  2 Critical Terms to My Addendum:1) In California, the standard P&S Agreements / Offers Forms contains language that an assignment can only be made if you get the express written consent of the seller. 

The following opportunity has come up:4 Contiguous townhomes: Total sqft 8,965Asking Price: $618KRental Income: $5,475 MonthlyExpenses: Property Taxes - $8,146 Yearly/$702 MonthlyInsurance ~ $4,200 Yearly/$350 MonthlyHOA - $548 Monthly*Property Management - 10% $548*Maint - 5% $274*CapEx - 5% $274*Vacancy - 5% $274The expenses listed above total $2,970 leaving $2,505 to service the debt just to break even which means I'd have to put 25% down to just break even (at FMV).I have several other variables that can be incorporated. 1) I'm a veteran and would be eligible for $0 down on $424K of the loan. 2) We could exclude the property management fee since we will be managing but I always hear in the podcasts that it's best to include it in the analysis. 3) We would be selling our existing house to tap into the $100K+ of equity for the down payment. 4) We have a current monthly payment of $1,670 on our existing home. 5) We would not be purchasing at market value for this property since the numbers do not look that great above. 6) We have $50K of liquid funds to serve as reserves. 7) We also have additional funds in our IRA's that we can tap into if needed (yes, this brings up a whole slew of other issues which aren't meant for this forum).Based on all of the above, if I lived in one of the units I would still be paying into the mortgage but not the $1,670 that I pay now.