I'd put in the lease that tenant pays first $100 of any repair outside major systems (ie roof, hvac, etc) and that should do the trick.

After the fact or being in a nursing home is an invitation for some family member to cry foul that mom was taken advantage of and gave the home away.The trick is to avoid future issues that are known to mess up your deal up front.

The trick was having a servicing agreement that allowed me to purchase the note in the event of default at the balance (par), continue making the payments and secure the collateral or refinance it taking the holder out of the loan.

Once he got a whiff that my and my wife's income was higher than he previously knew, he smelled money... reneged on the verbal agreement and tried to trick us into signing a broker agreement authorizing him to collect full commission.

It's a pain learning this way, but the trick is to get the inspection scheduled way in advance to try and mitigate the pain of waiting.

I get ideas and tricks from this show.I fully support your goals and ideas of gaining more experience through learning the lessons from mentors.

i never buy turnkey or performing rental properties, because the seller will expect a premium for the work he has done, and the income the property is producing...i buy super distressed multifamiles, where tenants need to be evicted and/or vacant properties...the trick is to know the rental demand and rates in the area...if you know that you can find tenants, it's not a big deal to go in and rehab for a few months...you'll end up getting better tenants with a new product anyways...i would be leary of doing this only in an area i wasn't comfortable in, so again, make sure you know the area like the back of your hand!

Him asking for a loan to be paid off in the future, with future work, is also a very clever trick - it means that you will feel 'obligated' to use him for at least the next 5 projects.

I basically told him I'm looking for what he considers a home run property and am willing to wait to find one rather than buy something average.My guess is you're going to be waiting a whileI agree Joseph Lieberman will be waiting awhile if he tries to teach an old dog new tricks.