You can be sure your guests are not throwing a wild party in the back yard pissing off the neighbors.  

.: You’re late to the party, but its still possible, you will just be getting the deals all of the establish investors have passed over.  

In that case the rental contract spells out specifically the obligations of both parties.What I personally do with all my rentals is that I regard the rental agreement as a contract that both parties are obligated to fulfill.  

I have learned from property management that boundaries/expectations are a must for both parties so that we can come to the common goal and avoid the burnout.

It is when a tenant and landlord put in writing factual information about them renting and both parties sign.

One to diagnose and one to fix after a part is ordered. 

Make sure all parties know the jurisdictions that you need permits/approvals with, and whatever duration you think it will take to achieve permits, probably add 50%.  

Or just start out collecting a fee or hire a third party to manage.As for a buyout down the road, you could put an agreement in place from day one that specifies a set time period that you will buy out the partner.

We own multiple commercial properties in our portfolio across several states (both local and not local), that we self manage, so that part I am not worried about at all.

CAFEFULLY used, sub to and seller financing can be good for both parties.