I have seen many friendships ruined as a result of bad real estate deals.

If they’re a good tenant and they say they have cancer or something, and they’ve been there at least 2 years, I probably give them a month to get their stuff together and then leave.

If you're not handy I have seen this type of strategy absolutely ruin people.

i work with an 80 year old man with cancer who planned to retire 17 years ago but almost lost half his money after the towers fell .

Hi All,I have a couple of questions regarding security deposits.A tenant, who is moving out,has ruined a carpet by allowing their young children to urinate on it.

Greater risk of ruin?

Many of us are misled by “gurus” and Youtube videos etc..I think there are sad, lonely people out there and on this forum that report others on here to the state trying to ruin the lives of good people just trying to learn the way.

Some time later, he left his windows open, a heavy rainstorm came by, flooded his bedroom, and ruined his property.

He inherited the property when his parents passed, come to find out the house was copper mined, basement COMPLETELY flooded(up to the floor joist - which are apparently ruined) and from what he's saying the house needs to be torn down.There are about $50k in back taxes owed and he has until the 15th to pay $4,400 cash to the county.

It will minimize a chance that you would lose money on this deal and/or ruin your friendship.Here is an incomplete list of what you will need, and most of that requires an attorney's help:write a strong operational agreement for your LLC, covering numerous what-ifstransfer the ownership to the LLC, either with a deed or with one of the alternative methodsconvert the responsibility for the loan from him to jointarrange that your insurance will accommodate the ownership changeestablish operating procedures, including resolving decision deadlocksset up a solid bookkeeping systemI cannot tell how experienced you guys are with flipping, but a warning is due: over 95% of first-time flips lose money.