Tenant leaves belongings in unit (do everything you can to ascertain whether they are comming back for property [if they still have time before the deadline], and document in detail all you do [in case they say you got rid of their family heirloom thingamabob]), any expense you incur to deal with those left behind belongings very well may be justification for charging against the security deposit.Also, just a note - many landlords in OH do not know this, but OH law requires landlords to mail to the former tenant a written accounting of how the security deposit was spent (i.e., what % refunded and what was spent for what).

If I'm ever in that position again, I will require earnest money before anything beyond basic documents are provided.If you want, send me a PM with the name of who it was - I'm curious if one of them was the same guy I dealt with.

Dan,It sounds like your friend approached you and is already willing and able to invest with you, so I am not sure an "initial letter" is needed here.The most important part is your operating agreement if you choose to form an entity in which you both are 50% partners or a well written joint venture agreement if you use your own entities as partnerships.These contracts/documents should stipulate all teh duties of each party, death survival verbiage, insurance, and all details of the deal process.

They will contract with me to do document preparation, i.e. executive summary, deal and company due diligence, powerpoint pitch book, summary business plan, 7-10 yr financial projections, preparation for market to investor contacts.

I've never seen that "abandoned" notice but I did go to one vacant short sale where personal mementos and clothes were thrown all over the place, and the back door was wide open.I think it is good news for you as a buyer, if you are interested.

This isn't even counting pulling up all the documents, recorded contracts, liens and emails sent back and forth with everything from title companies to government agents.All the gurus say, "the best house you want, is vacant and boarded up. those are the cash cows."

Ask them for any documentation you might need to prove that they'll be able to pay back at agreed time.

I've read that as long as we can document the rehab process and show reason for the home being priced over 120% of purchase then all is fine.

Both Seller and Buyer agree to create and sign a traditional purchase contract and a traditional deed, such as a "Warranty Deed", as a "back-up", just in case a more traditional sale is needed".See if an attorney will help you "draft the language needed" and assist you in executing these "back-up" documents, and maybe "store them away for you both", just in case they are needed in the future?

Here's a link directly to the SEC document: Investor Alert: Self-Directed IRAs and the Risk of Fraud