If you can have that money make more by investing it elsewhere then you are coming out ahead.

Each side should have legal representation.I think that you are money ahead to wait with patience.

Hey @Edwin Parrilla, I have not used them myself, but I have a friend who recommended Ellsworth, I think they are on the pricier side as a heads up.

Hello Biggerpockets, I became a newly licensed agent just last week and I'm excited for what is ahead of me.

Overlay that with what your objectives are and once you find the best fit you are already off to a head start because you have enough capital.

Planning ahead for their teenage years, having a second separate living space or den just seems like a good idea.

I have seen other PM agreements have a termination fee if there is a tenant in place (usually equal to management fees that would have been due through the end of a tenant's lease).If you are not able to terminate with 30 day notice, do give them a heads up at least 60 days prior to your tenant's lease end date.

Had to break out the pen n pad to get that to click....

I think you might be a couple months ahead of me.

Properties that are in need of major renovation that cannot be rehabbed gradually will end up trading at a substantial discount,  having to account for costs of the rehab,  more of that cost needing to be paid up front ahead of increased returns, much longer period for rents to catch up to market,  and more costs regarding permitting, tenant relocation, etc.