Prepare the agreement so that it spells out what you pay and everything else is the tenant's responsibility.

Ha no worries on the spelling. 

When in the hell are they going to put spell check on here? 

Homestead Property Tax Credit arrangements [spelled out here: http://www.michigan.gov/taxes/0,4676,7-238-43535_4...].

Everything goes through the closing attorney, who prepares a Note and Deed of Trust between my LLC and the PML that spells out all the terms and secures the lenders interest in the property.

Next lease maybe have the lease end on the last day of the month and always spell out on the lease what damages are due to you if rent is not paid through the full term of the lease.

Long story short, I paid off the loans with the lines of credit, which I continue to utilize over and over again for the same purposes I've spelled out for you.There are other methods and if you'd like to message me feel more than free to do so!

As a courtesy, you can consider writing him a letter informing him that beginning next month you will be enforcing your lease and spell out the section that specifics what his obligations are and I suggest that you start communicating with him via electronic mail from here on in.Prepare to file a notice to pay rent or quit as soon as it applies and proceed with an unlawful detainer.

This could work as a 50 / 50 where he finds and sells the property at the end and you handle the renovation.Ensure your partnership agreement spells out exactly what each persons responsibilities are, and what happens in the event something goes not as expected.

...When you bought it, you took over the landlord role of the former owner, so you have an inherited tenant that is now your tenant and your relationship is as spelled out in the lease agreement.