I think it would be a big mess especially with the business relationship you have with this person.By the way....without control of the money or asset that "detailed contract" could become basically worthless without some collateral behind it.  

These and many other powerful benefits are why experienced professionals choose to take control of their own career path and write their own paycheck on 100% their own terms. ceo at mtrust dot co    Adrian S.

As a real estate investor you have a lot of the control.

House administration organizations are the one who take care of our house for us and control our house in great and attractive way but before that you know what precisely to look for in home management company.

The mls is controlled by NAR so you need to be a paid member of association and be able to have lockboxes after you have been finger printed and have steep realtor insurance. 

Legally what your doing and what your actually suppose to do could be challenged, you need to get formal control, so see that attorney.

@Brandon CravensFirst......check you local lawa and make sure you don't have rent control or protected tenants.......if all is good...........Take it to $725 on all units.............$725 - $450 = $275/mo..............times 12 mos in a year equals $3,300 a year times 8 units equals $26,400 a year YOU are missing out on.By the way.....once the people that are paying $725/mo realize that there are others paying $450/mo ............and that they are the only ones paying this you will have extreme animosity from the tenants you just put in.Generally............not always.........but generally..........tenants that give you problems are NOT the tenants youput in, but the tenants you inherit.Have the property manager put together a nice professional letter to the other 8 units explaining how as the new property owner......you are coming up with a new lease and that includes bringing everything to market rate. 

You will then be in control of how you invest your SDIRA. check out The Entrust Group.Good Luck ! 

To include pest control, lawn care, garbage removal, unit cleaning (tenant turnover), unit painting (tenant turnover), HVAC inspection and servicing, to name a few.  

You can locate your new office in your place as long as you can close it off and not be distracted by any personal items.Try to stay in control everything that you are responsible for.