Being in an HOA has no effect on whether code enforce,net and police enforcement would apply....they are totally unrelated.  

Besides, you have a duplex, not a single family detached home.If it's a subdivision, you can have external obsolescence (effects on value from outside factors).

Affordable housing inventories change, laws change or are adopted, financing requirements can change, your money partner can die or change their mind, thousands of things can happen to effect any niche that you attempt to specialize in. 

Give her the money back minus the pro-rated rent.I bought my first rental property exactly 6 years ago this weekend, and 6 years ago today (no kidding) I got a call from my tenant's lawyer, who informed me that the tenant had filed suit against the previous owner.

I did an interest only loan to increase my cashflow, another option you can explore if it suits your needs.You will get better deals with the local banks.

Can anyone tell me what goes on the last three lines in this agreement "Bird Dog AgreementThis Agreement is made effective as of ____________, 20__, by and between ____________________________(“hereinafter “Buyer” or “Seller” [circle one]), of______________________________________, and__________________________, of______________________________________." 

The best bet is to position yourself so a crash will not effect you that much. 

But I think it would be worth it.My goal for this are:-Effectively clean up area and improve the neighboring area-Make some money by packaging a SFH or multifamily apartment complex/developmentHere are a few questionsWho would I talk to about re subdividing?

I use 10% as a capitalization rate in many circumstances, as costs to enter a transaction or deal increase, the time/management increases, any risk increases, that may go up to 15%, tax effects may take my requirement higher too.

This seems logical if you look at a few years, but after >= 10 years, it seems wrong to ignore the effect of appreciation.Some areas exhibit more growth then others, so it seems there should be a more complete metric.A real-estate investment professional has showed me (among other things) the metric which was named "Cash on cash with equity build-up".