His long term tenant recently moved out and is about to rent it to his adult son, who will be paying him enough to cover the monthly expenses.  

I pay for the insurance and we all split the bill 3 ways.

Hi,I did a private lending, term was 1 year. there was a clause that borrowed can extend loan (if lender is ready) for 2 times, each time for 3 months. but borrower has to pay 1 point for each extension(3months). so extension can be done total 6 months.Now, after 1 year, borrower keep paying interest .3 years went like that.Now Borrower wants to pay off. in such case what should be Loan extension point added.Thanks

3) Would it be a better idea to keep the utilities in landlord's name and have tenants pay the bill?

We are seeing if this is an option as we have ourselves in a scaling-up phase - we have purchased a commercial property local to us and are borrowing from our retirement to do so, with the intent of paying back with the possible sale of this home.  

However, I'm a bit confused about the process, specifically:Who is responsible for paying the closing costs, and how do you bring it up?

- ie can one structure the acquisition with fixed rate debt where the property will be “self-supporting” - produce enough income to pay all operating amd debts expenses with a little left over as cash flow - as a protective layer for the inevitable downtown.2.

Late on paying rent constantly. 

It may sound nice to pay a 6% management fee but the extra fees can add up to be more than the other company that charges 10% with no additional fees.

Did they pay rent on time, how did they take care of the property, would you recommend renting to them, etc?