You are talking about going into business with your best friend, so hopefully you would both work well together but you need to do proper planning to make sure it does. 

Hey guys,  Im thinking of shifting my traditional checking/saving account and mortgage to a manulife one account which my broker has suggested so I can be ready to pounce on a house and properly conduct the yellow letter direct marketing offering cash when they want it. 

I felt terrible and awesome, what I had for a down payment for a house ($2k) I completely wiped out my balance off one of my credit cards.

I purchase my 2nd primary residence and there was about 4yrs of back dues, granted they were only a fraction of what you are dealing with but they just forgave the balance on mine.

Here are some basics on the property.SFR RentalLong term (3yr) tenant pays $1350/mo + all utilities (tenant is local school superintendent)Owner possibly refinanced at $100k in 2003.26 acres2 /11 1/4 story capeWaterfrontDetached 1 1/2 story garageTown Assessed Value: $122,300Actual resale value: potentially around $150k Deeded access I have put in 10% management, 8% vacancy, and about 6% others (capex, maint, etc.)So here is what I would like to send his way for a seller financed offer with no money down: Seller financed at 5% (30 yr amortization) with a 5 year balloon payoff payment Balance payoff payment at 5 years (~$91,829) Early payoff <24 mos = 10 points ($10000)Early payoff >=24 mos <36 mos = 8 points ($8000)Early payoff >=36 mos <48 mos = 4 points ($4000)Early payoff >=48 mos <60 mos = 2 points ($2000)Option for buyer to extend payoff date up to 15 years (within 6 months of payoff date, at a cost of 2 points.)Buyer to pay all title, recording, transfer fees etc.Total Interest Paid (If paid in full at five year mark):$24,038Total Sales Price with interest (If paid in full at five year mark) : $124,038Keeping in mind that we make money on the purchase, I would like to offer a fairly low purchase price that would help me get my foot in the door, and continue to give him monthly cashflow and delayed capital gains.  

Sometimes you need a few slums to keep everyone in balance. 

With proper research, you get to know why properties outside that middling category might fall over or under the 50% Rule.Yes, I know, that's why you're here.

Before accepting a tenant you should screen them properly such as verifying employment, credit, clean background.

The fact they are complaining online might be an indication the property manager dealt with them properly so be sure to ask the manager for their side of the story.I hope this basic guide helps.

If he is not licenced/insured, friend or not, you do not hire him.Precedents dictate proper professional management of your business.