Use this experience to work out the kinks and build a strong boots on the ground team.

Had the tenant let you know after they got the January bill and the water company didn't work out a deal with them, I might pay 50%....but the tenant dropped the ball big time and I wouldn't reward that behaviour. 

It all depends on whether or not the numbers work out.

Seriously now, go to a search engine, find a Joint Venture agreement, work out the details now before everything happens and save your selves a lot of hassle later.

How did it work out for you?

Probably best to work out a termination agreement and find your next tenant.Of course, you have to consider your financials to carry a potential vacancy, location of the unit, how quickly can you rent it, etc...

If you haven't filed your taxes strategically over the past 2 years and are showing a loss, it's probably not going to work out.- Higher rates.

That said you could easily work out the cap rate of the purchase by taking the net income you receive from the farming operation and dividing that by the purchase price. 

Naturally I was skeptical at first, but I decided to purchase my first couple of rentals to see for myself how things would work out.

When estimating, I would work up multiple sets of numbers to see how it might work out if things don't go to plan. 3.