For example, their rent is $2000, they pay me $1000, I then apply the $1000 to the renovation project, which they estimate to be around $8,000.How should I write up the lease agreement as far as collecting the rents?

Fees should be clearly stated in writing, easy to understand, and justifiable.

Of course many times on BRRR with max leverage you have to write a check to refi.. so helps there

Once you read the explanation below, you will understand how REALLY bad things can be if you don't get the letters but go through with the purchase.First, the owner/seller should have a clause in the lease requiring tenants to sign (or object to in writing) tenant estoppel letters if presented to them.

You want to delegate all the mundane tasks to others and focus on doing tasks that only you can do.While you are calculating the costs of all the raw materials, you also have to calculate your salary into the total cost of writing your own handwritten letters.

The software is going to be very conservative with your write-offs.

Have a detailed scope of work in writing and set clear weekly milestones with your GC.

Do you need the tax write offs?

I am writing to you at this moment from Cabo San Lucas.

After all, you do not want a tenant living in your property who does not want to be there, or cannot financially support the monthly payments.With all of that said, my greatest advice is to get a lease termination agreement in writing.