It sounds like the carpets are going to need to be cleaned, the mice irradiated and whatever other repairs I find after a walk through and 15 days if the lease allows.How do I determine what damage she caused versus what she moved in with?

It is for this reason to sell the home versus renting.

I prefer equity versus suing, enforcing & collecting on a judgment.

versus a collateral loan?

Thanks William this is very insightful.Seems important to weigh time put into such a deal versus cash invested in a more traditional deal.

This is strictly a rental or seller finance proposition.I am not familiar with NM law on chattel versus real property taxes, but, in many states the taxes would also go up dramatically.

Well, all things considered, I'll issue a note with a 5-7 year balloon all day long versus a straight 20-year fixed rate, in order to provide myself more flexibility relative to managing interest rate risk (aside from any actual value increase it might provide to a potential note buyer).

That would mean you would only file Schedule E.As a multi-member LLC you could choose to file the partnership return instead of opting to be a QJVThat said, ask your attorney about exposure of having both of you on the LLC versus only one of you.

If not and you have bum tenants damage could increase along with lost rent versus a mortgage and holding costs while you get them out before being able to make repairs.

What people weigh is paying it out of pocket versus the deductible.