You could form an LLC and have the operating agreement that allows your boss to require you to purchase his membership interest (or allow you to purchase his) in a given time frame.

Some may require a waiting period of one to two years before leasing is permitted, while others may prohibit rentals entirely as outlined in their bylaws.Always know the property’s potential for annual rental income and ensure the numbers work.

That said, delivering this level of quality requires a significant investment of time and attention on every engagement, which is why I simply can’t charge low rates.

Mainly the panel is in the basement and it would require a ton of work and paying for labor hours + repairs. 

Yes, sewer clean outs are required on new construction, but on a 1947 rehab house that didn’t have existing clean outs, is it really possible that I can be required to install them?

However if you had done a warranty deed (or a special warranty deed if you still have a mortgage on it) instead, your LLC has a claim against you for the issue on the title, and you in turn can go back to your initial title insurance to fix it.Some title insurance will allow to transfer the coverage to an LLC that you own 100%, but not all of them do or they may require an additional fee.

You might covenant no water sprinkler systems or require them to put in a Cistern well system. 

My advice is to require them to pay the full balance upon the next payment.

Run your numbers based on youre required return given what youre likely to have to spend and the amount of headache, risk, and work you have to do.

In short, I can afford the additional $1100/mo cost of a second house, even until I rent it out.I have around $35K in HYSA and emergency funds that I could use for a down payment, but that's less than 20% which would be required for a conventional loan, assuming full purchase price.