I find it strange that not a single person has come forward yet to give any type of experience, good or bad, with Citrona Homes.

My friend wants to include me in on this so we can both achieve financial freedom together.The plan currently is to take out a personal loan together for the $20,000, put in $5,000-10,000 worth of work into the property to make it livable as soon as possible, move into the property ourselves so we don't have to pay rent anymore, and then refinance as soon as possible.

Help me think through the pros and cons to determine whom I should rent to:Candidate 1: Single recently divorced person with a 65 lbs pitbull.

Personally I look to find something that will exceed my returns in the stock market (10% cash on cash).

The original lease shows 5 people, no ages (husband, wife, and either 3 kids (or 2 kids and possibly the roommate- in which case is fine as long as they don't now mention another person).6. 

However, for personal reasons the tenant is no longer interested in remaining in this rental and wants to be "bought-out" of their "ownership".First and foremost, a verbal agreement just isn't going to cut it and getting a signed legal contract is the first step.

A good PM can turn a mediocre investment into a solid return; a bad PM can ruin a good investment.A good PM can also help you narrow in on the best neighborhoods, cross-check what your REALTOR tells you, and line you up with solid contractors.I'm biased, but I don't think there's a more important person to have on your team.

Personally, I would avoid any sort of Airbnb arbitrage.

It means an extra call/text for whoever is giving notice or letting the person in, but it will make sure it doesn't happen again.

You can lock off a closet or two for your personal things ("owners closet").