Not having a lease can be very hurtful because if the tenant does something bad whether it's damaging the property or disrupting the neighbors, you can't go after him because there is no legal contract where he agrees to any rules.

We will work hard to make sure there is as little disruption to you as possible.

Granted, this is not a normal year and hopefully we learn how to move forward with less disruption in the future, but it's something to consider.

However, as part of the on-going business relationship, we want distributions (cash-flow) to be specific to our initial investments for each new individual property we purchase since one Partner may contribute more or less of an initial contribution toward the purchase of each new property.Ideally, we want the ownership split of the overall business to remain 50%/50%, and depending on any properties we purchase in the future under the umbrella of the business we would like the ability to allocate the P&L distributions per property.This is because, for example, we don’t want to disrupt the overall 50%/50% ownership of the business, and want the P&L among us to be allocated per property (like 60%/40% or 70%/30%).

I do understand there is big potential for appreciation if there is nothing to disrupt this steadily growing market trend.Question: should I join those crazy crowd, or be rational and sit back to wait the right time to come (maybe foreclosure time will come in 6-12 months?). 

As Mindy suggested, commuter trains - even without horns - can be quite disruptive.

Tenants who have fallen behind due to Covid disruptions don't have funds to pay on payment plans.  

Not to mention the last thing a good property manager/ owner wants to do is continuously disrupt the tenants with folks walking thru their home. 

We can never fight it just like how Uber disrupted the taxi industry and change our thinking when it comes to transportation. 

Explain to them that you plan extensive renovations and although it will be disruptive it’ll benefit the property in the long run.