However, there is no equity with the numbers you stated so you would be putting up thousands of dollars to take over payments on an underwater property which you could never resell..2) Most Gov agencies warn sellers that anyone asking them to sign over title is a scam.

We will be changing the floor plan, redoing the plumbing and updating the electrical, so we can choose either gas or electric for the appliances.Pros:Gas: Cheaper for the tenant, and we have found them more reliable than electric.Electric: Cheaper for us, installation is simpler, no pilot light.Cons:Gas: Unit is a little more expensive to purchase, requires a vent, sometimes pilot lights can be an issue.Electric: More expensive for the tenant.What say you?

Fresh paint, new carpet, replacing flooring, shiny new faucets, replacing light fixtures, etc. go a long way in their eyes, cost very little, and in most cases can be done in a day.I think your heart is in the right place, but you have to think like a businessman, not a friend.

Still needed is some finishing touches, the light fixtures, equipment installation (kitchens, baths are there, just not installed yet).

Nor did he warn me that 2 months later a construction company would be demolishing my balcony tile to "repair" issues that do not exist.

I haven't set up a solo-401k yet but will be in the near future so now I am learning as much as I can to make sure I don't step into mud without knowing it.I believe based on your post, I really do need to hire a property manager to handle everything from assessment to executing a solution to whatever problem might creep up.My original thinking was as the 401k fund custodian I can't do any physical work but I would be able to take calls from tenants, as well as going there to assess the issue, for the purpose of determining which pro to call in to resolve the issue.However I also know while assessing the issue often time I might end up having to do physical work - such as reaching inside the cabinet to turn off the water valve, or flush the toilet to see what's happening, or opening and closing a window, or even turning on or turning off a light, those are technically all physical work right?

Rehab per unit can be light at 2k to 3k, to medium at 5k to 7k, to a gut stud job at 12k to 14k a unit.

Tell them to turn off the lights and lock the doors when they leave.

One extra honorable mention that I would add is a motion-activated light by the front step.

Similarly, the services have to be legitimate: light-leaver-onner and toy-strewer will not fly.So, in short, you can pay your child whatever is reasonable and standard for the services performed, and those services must be legitimate and fall within the guidelines as laid out by state and federal child labor laws.