If there are other requirements to terminate, simply include them with the letter.

Does the divorcee win the deed, doesn't own the house and it gets sold because of the mortgage?

To add to what Charles Perkins has said:It sounds as though he simply cosigned and there is no tax consequence of that.

She basically said not really - we'd have to take them to court and that opens up a whole new can of worms that I'm not comfortable with.My current plan is to simply not renew their leases, and communicate to the clean tenant as such - and then hope he's willing to wait it out.I'm also thinking about sending the exterminator back in another time, at a cost of $450 for all 9 units.

They simply will not write the loan and will force you to have the property off market for period of time.That said, a non-owner occupied lot loan with no real intention to build a primary or second home on the lot is going to be tough to find financing for.

(I would also pay a small amount of interest each month during the rehab until he can move in.)I really see this as a win-win for everybody.

That's why I want to make sure we both win, not like I'm just paying him a wage.I suppose it makes sense to start out with me 100% in control, and when he has some skin in the game, then we can work out different numbers.

I have completed deals that I thought were dead simply by following up from time to time.

Makes you wonder if there is a mini bubble starting to form again or if the pendulum is simply moving back to normalcy.

Don't get overly concerned about public liability but you do need to be aware, keep properties in good and safe condition, know the rules and conduct your business with attention to details and you should be fine and carry insurance....And I believe Texas has an LLC that limits liability to a subject property safeguarding other business assets, which is unique, I suggest you simply form your business in Texas.