These all require applicants to submit an acceptable Letter of Explanation addressing each specific issue and occurrence.Rental HistoryBecause a current landlord may say anything to get rid of a bad tenant out of desperation, we also require information for the previous landlord of all applicants…Analyze IncomeMany landlords require a month of paystubs from applicants and just use these to calculate a monthly qualifying income…Employment StabilityUnless an applicant has exceptional credit, we strive to determine their stability of employment…AssetsWe are one of the few management companies that requires a bank statement as part of our application process…Letter Of ExplanationAny time there are credit issues or we discover an inconsistency, we require a written letter of explanation (LOX)…UnderwritingTraditionally, landlords have only looked at the income of applicants…ApprovalOnce an applicant is approved, we require a nonrefundable Holding Fee to make sure they are serious…

I generally work with home owners looking for long term management, but I do work with a local broker with access to off-market deals, and he sees a lot of activity in the area.

I’m an investor with properties in both Indianapolis and Kokomo, as well as the owner of a property management company overseeing numerous units in Indianapolis for out-of-state investors.

You can structure it as an LLC or joint venture, which offers clearer tax and liability benefits.Your son doesn’t need to be on the loan or title if he's a silent partner, and you can manage the mortgage, credit, and insurance.

As a management company, we also have a duty to get a property occupied with a qualified resident as soon as possible and sometimes that means adjusting rents down for right now to generate revenue.  

Unfortunately, over the 11 months he has lived there, he has only managed to pay the rent on time once.

@Grant ShipmanIn my experience with these units are very difficult to manage and people at the 30% level also create a new set of problems.

That said, here is how I would proceed...For some background, I used to run an STR management company in SATX and we peaked at about 35 properties under management. 

property management nightmare ————3words

In the 65 units we manage we have both.