I have a 3 bedroom Single Family Home for rent.There are 3 persons (friends) that want to rent the home and split the rent.My question revolves around how I should legally structure the lease.I am thinking I should sign the lease with 1 of the 3 persons, and that person is responsible for collecting and paying the full rent.

Originally posted by Garrett Yamasaki:One of things I would like to see is an app that shuts off all electricity/appliances at night, and when no one else is home.There is a company called Control4 (I think) that has a system that allows you to control your entire home from practically any device with an internet connection.

For those of you who don't know how I evaluate ghettos, I only have two rules:I want to feel comfortable that my wife can drive to the area during the day.I want to feel comfortable that I can go and collect rent after dark and I don't need a 357 Magnum.Rich

I've practically given up purchasing any more rental homes in and around Orlando.

My guess is because he is in Pennsylvania, and the PA Dept of Revenue has some really silly rules on Real Estate Transfer Taxes; they want to collect full transfer taxes on each assignment!

I don't know why a smart investor would collect most rents in cash and not show in tax returns since that is what the banks ask to determine value.

This is a great article-- The Unimportance of Practically Everything.

I dont see why this couldn't work as long as all details about how income will be split and how expenses will be split.Does anyone have suggestions as to how we would collect money and split it?

I suppose your full time occupation is helpful when it comes time to collect rent!

I don't' have any assets, two cars that I'm paying for, I bought another house in March of 2011 for way cheaper (this time if one of us gets laid off, we can afford the 750/mnth payment) How can they come after me other than a collection agency?