Shallow vertical oil wells can have pretty small pads, while some deep horizontal wells with multiple holes can have some probably 10 acres.Minerals are superior to the land, so while not all that common, so someone who just holds the land, but does not have a good surface rights agreement could find a drilling rig in their backyard. 

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.

The move-in experience is so crucial so please do not skimp out on that.Quote from @Lateefah Mathews: @Tar-U-Way Bright I'm in agreement with everyone else here...House Hack!

Would someone please tell me what sort of contractual agreement should I draft and or title?"

They should get their attorney to draft documents for you to review such as a loan agreement.

Spell out the complete agreement of how expenses, profits (or losses), and other responsibilities are to be split—put everything in writing.Do a background check on the partner to confirm there are no outstanding liens, judgments, or active lawsuits against them.Hope these suggestions help.

A resolution might involve a refinance or buyout agreement to remove her from the mortgage, aligning ownership and liability.This post does not create a CPA-Client relationship.

Hello @Michael Dallas,To verify the seller’s information, ensure you request these essential documents:Rent Roll (to confirm rental income and occupancy)Lease Agreements (to review tenant terms)Financial Statements (past 1-2 years, including income and expenses)Property Tax StatementsUtility Bills (if applicable)Maintenance Records and recent CAPEX reportsInsurance Policy DetailsInspection Reports (any recent or previous reports)These will help you confirm the property’s income, expenses, and condition.

People sometimes use the word lease to mean any rental agreement even a month-to-month agreement.

Is there any recommendations for how to work around this or structure the agreement to have the seller pay for the sewer without it being classified as a credit?