Managing unexpected repair costs and delays.

If we have a place where the former owner or a former tenant has left frig, washer and dryer, we tell the tenants that we will NOT repair or replace those units, but they are free to use if they wish, and we will remove if they don't want them. 

One of the properties is about 90% rent ready and just needs a few cosmetic repairs.

.✅ Negotiated large seller repairs by closing.Find a Realtor that has your back no matter what.

Some of the repairs I did were from handymen or small contractors who do not have an invoice system or estimate on paper for cash payment like painting and rent ready repairs.

Find your own set of tradesmen and you can simply contact them directly when future repair issues arise. 

A lot of people on here call it "After Repair" value this implying that there are substantial repairs. 

When a couple of windows got broke, we sent repair company out to fix. 

Below are key items I've seen in teaming agreements:Ownership Interest: Define each party's ownership percentage based on contributions like the down payment and ongoing costs.Financing Details: Clarify who pays for what—mortgage, closing costs, renovations, etc.Expenses: Outline how regular costs (taxes, insurance, upkeep) will be split.Management and Maintenance: Decide who handles repairs and improvements, including decision-making processes, funding, and responsibilities for performing or managing the work.Single Decision Point: Avoid deadlocks by assigning one person as the final decision maker.Dispute Resolution: Agree on a method (e.g., mediation or arbitration) to resolve conflicts.Life Changes: Plan for marriage, divorce, incapacity, or death.Exit Strategy: Define how a party can sell their share, including buyout terms and a method for determining the sale price.Rental and Use: Define the rules for renting out the property.

Two concerns:1) How much of the repair investment would you get back?