Just had to share this story from the NY Daily News. 

But under no circumstances should you use a contract that hasn’t been properly vetted by an attorney in your state.I use only three contracts in my business: sales contract, assignment of contract and joint venture (JV) agreement.The JV agreement is an extremely valuable tool — I’ve used it to generate almost half of my business because partnering allows you to do more volume.

The 28 units of 4 bedrooms are rented by the room, big suites for about $625+ a pop (thus I need my own people's eyes on that complex daily) the ones are huge-custom cabinets porcelain tile floors granite counters, high ceilings etc, averaging 1100 a pop, its first class product, its not as small of a deal as it first sounds.  

I recommend setting up keyword alerts for each area as they are discussed in the forums daily with advertisements posted in the BiggerPockets marketplace hourly.

The toilets continuously run (he pays for water), the sinks get clogged extremely easy (not allowing for easy daily cleaning), the a/c unit doesn't cool/heat the upstairs (the two bedrooms upstairs are at the whim of the daily heat).

We would love to know how much you bought the place for, numbers of beds and baths, and some basic figures about your unit, Average daily rate, occupancy, etc.

I am considering defaulting the lease (w/o termination), locking the doors, and requiring an amend ment the terms of the lease before re-entry, such that any delinquency of rent would incur an immediate one-off penalty of a reasonably significant amount, plus a higher late fee percentage (daily compounding of annual rate). 

I finally have a question worth signing up and posting :)We recently sold our home and became renters (large profit on the home, but the major driver was my daily commute).

While you are finishing school, spend some time daily to learn about Real Estate.

In fact, these days, you can join a gym if to just get a daily shower.