It tells the tenant when the rent is late and how much the late fee is.It provides for rules on pets and guests and not running a business out of your property.I have the "5 day notice" in my lease so that I don;t have to send them one if they are late so that I can immediately file an eviction once they are late if I choose to.I could go on, but I think you get the point.

The duplex is now rented for $995 each side which is right at the 1% rule.

The provision of emotional support, well-being, comfort, or companionship do not constitute work or tasks, so these animals are not considered service animals.

I'm pretty sure I could push that to $800 to $900 with a little effort but the market here won't support more. 

@Pat LioneI'm not familiar with your situation or regulatory rules...

I'm lucky to have parents that support my decisions.

As a rule of thumb, if you're sitting at 70-75% cost  to value, you're in good shape.Buying properties like this should not be an emotional ride. 

You want to set the rules and ensure you have a strong, legal lease. 

Search for self-directed IRA.There are several plan formats and some rules you need to understand. 

That's why the 1% Rule (or really the Monthly Rent / Property Purchase Price rule) comes to mind as a very convenient method to quickly compare multiple deals and decide which to pursue.