Drew up the lease as such and made arrangements for meet prospect.

My wife and I are at the in between stage of our careers where our salaries are going to more than double in the next 4 years.My family has been in a house for 4 years and we would be happy right now selling for break-even of the price we paid (73k).

This makes me nervous.He had his son (still in town) show me the place (he arranged a few simultaneous showings, I wasn't the only one) and it definitely needs work, but from what I can tell, mostly superficial.

That is the arrangement.

spent a lot of time thinking about this and came up with a few ideas..[ ] 100 stamps[ ] Upgrade a fixture in the house[ ] Paint one room of the house, any color but black. [ ] One time 10% percent rent reduction[ ] Babysitting (you have to make all arrangements, up to $35)[ ] 4 Movie tickets[ ] $30 Amazon gift card[ ] A box of mail order item like "nuts/baklava/oranges/etc"[ ] 1 Cheesecake from The Cheesecake Factory[ ] House cleaning coupon ~ $50

For a carpenter, for example, couldn't this be a big cost saver in the early stages?

At the end of the year the LLC would pay to you, the owner, any retained earnings.The advice to work with your accountant and council standing, this arrangement of a separate management company vs strictly a holding company (or individual) can have tax advantages ... at least here in Canada.

Loved the meet-up you arranged!

Tom Goans I too am very interested in what @Zachary S. is trying to accomplish and can appreciate his current position.Obviously, for investors at our stage, what you outlined can be very intimidating without some hand holding... even though you explained it very thoroughly with a great example of a real life experience.Can our respective REIAs be of any help?

If there is another functional 1/2 bath in the house, you might be able to arrange for them to shower at a local YMCA/Gym if this is their preference.