If you go with the partnership route1) You need to manage the money going in and out of the business bank account.2) File a partnership return and be responsible for issuing K-1's3) make distributions to you and your partner for cash flow that you receiveYou will likely spend many hours on a nice gesture.I may want to consider instead to give a christmas gift or a bonus for early completion of projects.

We charge a transparent monthly fee for this and our digital property management platform - but we are not a local property manager.We also give owners the ability to use a repair triage service and our vendor network, or address repairs with their own handyman.Our goal is to make renting better for owners and residents.

But if you are saying that is always breaking or giving you issues, I know that can be a make or break.

And will you have ongoing maintenance issues beyond your CapEx based on the building's age.I personally would be suspect of this deal.

Spoiler alert- Phx is quite a saturated STR area, and many STR's (although some are doing great) are having major occupancy issues. 

I can only think of 2 times inn the last decade my client has had to go though an eviction and both times it started cause the owner and tenant had personal issues. 

I’d love to hear about the crime rates or any other issues (which we cannot guess from the online stats), and how easy or hard it is to find reliable tenants and property management companies.

The most valuable lessons are issues that stop you in your tracks and you devote time and effort to solving them.  

But it's rapid price growth and sales activity could indicate a more volatile market, with the potential for corrections if demand slows as affordability becomes an issue.

But during the buyer’s due diligence, several unexpected issues surfaced, each cutting deeper into the profit I had worked years to earn.The first issue was with the water lines.