Meanwhile I am camping out in the house; but since the law specifies the redemption notice to the sheriff has to be filed no more than 30 days in advance, or no less than 2 days in advance, I cannot figure out how much warning I will have that I have lost the house and have to be out on the street (another rich homeless person, how weird!).  

Be warned that most QI's are performing safe harbor reverses under rev proc 2000-37.  

Please have the background check, credit check and check his employment to make sure how stable his job is.By then, you will get the full picture and let those guys know upfront that you are planning on inspecting the property for pot smell every month or quarter - if they are still doing drugs they may not lease and if they they lease after your warning about monthly inspections, 99% of the times they must be clean.This is what I would do if I am in this situation and not sure if this is best solution or not though!!!

I've heard many warnings about dangers of partnering with friends so we're both just tentatively "sharing ideas" before putting pen to paper. 

Any warnings or recommendations in trying to raise rents when I purchase the property?

Sorry I didn't spend more time elaborating that...I got distracted with the thought of someone potentially not getting an inspection and jumped straight to that.Merritt it does not seem like you are publically bashing but rather just warning.

I was able to make it back to the west coast but for you that are there please heave the warnings of the authorities and take refuge.

When I do, it's always been a warning sign of a horrible tenant.

WARNING ON DIVORCE DEALS!

Example: 6 months X $2000 Rent = $12,000 That is $12,000 you will be negative that the calculator doesn't account for.I do know that the calculator is in BETA and there is a warning about that but I just wanted to let everyone know that the tool should not be used without this consideration.