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Most PM software allows multiple owners and once set up, automatically splits everything.We once managed a property with ELEVEN owners!

We charge one month rent and one month security deposit before move in (make sure payments have cleared before turning over keys)  One month security is max allowable by Delaware Landlord Tenant code.If they have a pet you can charge a pet deposit (again, by state code, DE you can charge up to 1 month rent)If separately metered utilities, make sure they've transferred them into their name by providing account numbers and also a copy of their renter insurance before move in.Good luck!

In situations like this, it’s definitely worth considering a cost segregation study.

It's been pretty tough to find anything that cash flows lately, so we're going to move ahead despite this after being told it's not an uncommon situation in this particular submarket.We'd like to try and up zone so that it's no longer non-conforming.

If you only need it occasionally, continuing to rent and write off the costs might be more cost-effective.

Upstairs (separate space with kitchen would rent for $500- as I already have someone lined up for it.Purchase price about 230k.

I really need to step up my rental game to the 21st century.

This caused a historically unique opportunity for investors - they could buy Class A properties and immediately cashflow when renting them out.This couldn't last forever, and it didn't, as excited new investors drove up prices.

You want to get paid in your name only, as the Mortgagee or Loss Payee.With the huge range in costs, and dramatic price increases, borrowers are notorious for skimping on insurance.