Set it up so you both get paid out a certain about during the operation and and if you meet certain return threshold, you get a higher percentage of the excess returns.Don't look at it like you want equity in the building.

Ridiculous... 200k is excessive unless it includes the mortgage payoff.I closed on a MFU fmv @ $775k and closing costs sans mortgage payoff was only 79k.

But if the security deposits have been returned to the tenants, or if the new landlord has properly accounted to the tenants for proper deductions taken from the security deposits, the new landlord may legally collect new security deposits.258If the selling landlord has returned a greater amount to a tenant than the amount of the tenant's security deposit, the new landlord may recover this excess amount from the tenant.259Rules Rules Governing Security Deposits).

Excessive politeness and eagerness are typically signs of a bad tenant on the make.

Some of the issues are: rent rates are way below market, poor tenant screening, frequent evictions, excessive damage and repair costs.

Obviously being a first time investor with not a ton of excess cash at my disposal makes keeping as much money in my pocket a good thing.

It sounds like these recommendations are excessive.

So if you take in $500 a month in excess of the expenses of the lease, and the reserve account you should be maintaining, then you each get your percentage of that $500 in profits a month, but at the end, when you sell, he still gets his full $10,000 back and then you split the balance based on your percentages.

Cleaning is 175-250 depending on if there is excessive grease, or other issues.

I just wanted to get an idea of what seems excessive based on our market and what we are charging in rent.