Chester Pa Rehab Rental PropertyGreat College RentalAsking Price:$16,500Estimated Repairs:$20k-$25kAverage Rent Rate: $750/month3XX E. 20th St2Bd 1 bathSerious inquiries only!!

Use arm's length lease-option documents along with the counsel of qualified professionals.To charge above market rent is asking for trouble, with both the IRS and when the tenant applies for the mortgage with the mortgage company.What the CFPB thinks is another matter.What I recommend is a. charge market rentb. 12 month leasec. give a ROFR or right of first refusal (Purchaser desires to obtain a right of first refusal or first option to purchase certain real estate owned by seller and seller agrees to grant purchaser the exclusive and irrevocable right of first refusal and first option to purchase.)d. get tenant to bank to save for a down payment in a savings account (serves as verification of down payment saved)e. get tenant to enroll in credit improvement (I recommend www.upgradmycredit.com )f. use a collection company (I recommend www.notecollection.com ) to assist the tenant in VOR Verification of rents.

@Bob E. we have had this debate of sorts before.  

@Gabe Gordon how far is that from E 42th st & N Post road?

One may fit better based on your goals and timeline e to reach that goal.

Rich Dad Poor DadRich Dads Cash Flow QuadrantRich Dads Increase your financial IQThe Real Book of Real EstateThe ABC’s of RE InvestingThe ABC’s of PMRich Dad RE Tax AdvantagesThe 10X RuleThe E-MythThe 4 Hour Work WeekBiggerPocketsPodCast -I hear #136 is exceptional!

Anyway you do it you are dealing with him.See if you can put the utilities in your name and then bill him back for usage if he can't see the bills just what you send him then it is working properly.

Hi Sylvia,    Read the book The E-Myth Revisited by Michael Gerber.

The more popular recommendations that aren't specifically about RE per se are Rich Dad, Poor Dad, Think and Grow Rich, The E-Myth Revisited, and the 4 Hour Workweek.  

I am sure they will be able to help you navigate the waters you seek.Address: 47 Perimeter Center E #150, Atlanta, GA 30346P.s Once ya'll get setup in Jacksonville, Orlando and/or Georgia I have 50+ properties for sale a month in each...