Make sure the lease says jointly and severly liable and like @Tim Asher said explain to them what this means.Also make your emergency contacts people you contact if the late is rent as well as the other normal emergencies.We actually have a set of three girls who for the first time are late on rent because one girls check bounced.

Assuming that you do not jointly file:I am pretty sure that the interest on the line of credit would be deductible (Sched A) if it is backed by her home.If she took that cash and loaned it to you (and you had a document stating the terms), and you used that money for your business (or real estate), that loan interest that you pay her would be deductible to you (Sched C or E) , however it would be recorded as INCOME for her (Sched B), so if you are in the same tax bracket it would wash out.

For example you may have a property under contract and want to wholesale so you could make an announcement looking for a cash buyer or you may want to joint venture with someone on a rehab. 

Lol You can live by not telling the whole truth, which I believe many agents do, " lying via omission"If  wholesalers put some work into getting private lenders that would buy at 70% of ARV all-cash holding the note for 90 days or finding joint venture partners that would get a credit line have a small bank and take 50% of all profits in case the wholesaler could not find a cash buyerI truly believe that many wholesalers cannot get Cash Buyers to work with them because they cannot price a repair very well, scope of work.

I am also looking for good property owners/operators/investors in areas outside our market to joint venture or partner with.

I'm also interested in a joint venture to acquire a bigger multifamily property but everything needs to make sense.

You might consider finding an experienced street retailer and doing a joint venture as a way to begin the process as an alternative to laying out considerable money for the experts you would need if you plan to go it alone.

I am partnering with a friend of mine to buy a property. We will both be providing Cash (either a 40/60 or 50/50 split) but I will responsible for managing the property and he is more of an investor. I will be the sol...

If you enjoy the outdoors, mountains, hiking, skiing, 4 seasons, being close to a very accessible, clean city, a all around healthy living, you'll love it!

First deal this week! Quick question. I am doing this deal with another individual who is putting up half of the money. Is there a standard contract/agreement that he and I can enter into to protect our individual int...