I agree with the previous poster.Also, to alleviate this concern with his next tenant, I suggest your FiL contract to begin service with the garbage collection company, increase the rent by the amount of that cost, and then market the house as "comes with garbage collection!"

The only thing I might recommend is that if you are planning on doing flips, why not use the BRRRR method?  

Start with the most damaged tile/s if you're concerned about the removal process. 

If evaluating something like this be aware that even though it may be grandfathered in...the fire marshal can deem that the homes are too close based on safety concerns and rule that you can’t bring in new homes 

Chris has a great post discussing TK: https://www.biggerpockets.com/renewsblog/mastering...My concern as a new investor is the long term performance of these types of investments. 1) Who has purchased something TK and would be willing to share actual vacancy, maintenance, cash flow, appreciation (if you've had it long enough), etc.? 

@Namit Raisurana, on the surface of it, are you sure you need to concern yourself over $3,500 (0.7%), when it'll get you double the amount you'd get otherwise?

Our rentals include older homes with hand-done plaster textures that are hard to replicate when patching.We are in our first round of renters so time will tell if this is a good method or not.  

Attorney says - the title will have both the names.. though we have not seen the title..But my partner is very concerned.

FHLB 5 year rate is 3.08+2.25 spread (YMMV but it will be similar method of computing rate) so at least 5.4% I'd bake in 6 to be safe as these can take a while to close.loan fees--call it 12KClosing costs will be a lot more than 3K--you need an appraisal at least at 1500 and maybe more, you will need the partnership agreement drafted (welcome to lawyer land!)

Hey guys - I will be signing new tenants for my newly-renovated property and I am wondering if anyone has any AWESOME rent receipts, or methods for proof of payment for a Ledger that I can document?