If it was a "victimless" crime, i.e. didn't involve any of your tenants, and the shop is a "clean" business (i.e. it's not a strip joint, head shop, or other use that some/many people might find objectionable), I would discuss with the owner regarding boundaries. 

Hi All,My wife and I have a rental property in Houston that we intend to put on the market in a few months, after doing some significant improvements.  Because we live in Chicago, we'd like to hire not only a general ...

Joint venture where both the OPM and I are co-owners, and we share in the profits? 

We have a great group and I know you will find a joint venture partner in our group.  

The second options would be ask for $120,000 and have a joint bank account and all the rent gets deposited to that account, also all expenses will come out of that account for the 24 months and when the home is sold, we would split 50/50 on the profit.

For some reason, it's in my name, not joint. 

Purchase price: $80,000Reno cost: $55,000Agreed new purchase price: $175,000I will get some before pictures soon and post them up.Home is currently 3 bed 2 bath will be same 3 bed 2 bath with an additional 400 sq ft in law studio consisting of full bath jointing w/d room with the main home and kitchnette. 

I agree that a great option would be to find a partner and pursue a joint venture.

Keep all down payment funds seasoned and in a joint account with both names on it; a spouse cannot "gift" funds to their spouse if it's an investment property being purchased.

Fortunately there are plenty of others who are genuinely helpful.Be sure to account for the expenses of traveling back and forth to your  out of state property in your calculations of your returns.