Just have him sign a month to month lease at closing, before the closing is finished obviously.

I came across one that wants me to sign a contract.

The upside of office is that if you get a credit tenant you can sign to a long-term lease, you have a solid rental stream.

Only you can tell if this is a good deal, and if you don't know, I would suggest you pull back and better define your retirement goals, which will influence your investing goals, which will determine your buying criteria.

The sqft of the house is even bigger then the houses that sold for 300k so how do I determine my ARV when I couldn’t get really accurate comps?

MIXED USE PROPERTIESIf it can be determined that the nature, intent, and primary purpose of the property is residential in use.

@Jill F. actually 60 minutes could be (and possibly should be) the determining factor.

There is more safety in owning a property outright.You should study the benefits of both, apply them to your situation, and then determine which option is best for you.

How do you determine responsibility for damages in common areas?

Determined by dividing the sum of purchase price + closing (acquisition) costs by market value, a $100k ARV property purchased for $40k with rehab costs of $20k was acquired at about 60% of ARV......($40 + $20k = $60k) / $100k ARV = an acquisition at 60% of ARV)Recently, a beginner investor posted a need for 100% financing on a "75% ARV" investment opportunity, usually a viable candidate for private or hard money lending, with anything below 70% being better.