Mike, I started another topic here regarding the legality of bird dogging: http://www.biggerpockets.com/forums/48/topics/21214-help-me-understand-bird-dogging-?

Since I have decided to always carry where legal, I feel it is my responsibility to be able to handle my weapon safely and effectively.I have never had to fire my weapon to protect myself but I have drawn it and in that instant I realized two things.

I postponed everything until Monday because the legal description of the property was too vague and did not specifically mention that I am purchasing two lots.

I do not smoke it but I am glad it's finally somewhat legal here and even in Michigan now.

Is it legal?

Add in principle payments, taxes, insurance, association dues, vacancies, maintenantce, advertising, tenant screening, legal fees, evictions, tenant damage, etc., etc., and you're in the hole several hundred, maybe even close to a thousand a month on that one property.

So, your division into the different percentages may or may not actually pan out.You've missed some items, like advertising, tenant screening, tenant damage, legal fees, cost for a CPA.

It is listed as a 2 bedroom in all the docs erroneously, I have seen it..it is a legal 3 as far as I can tell.

By definition you are signing away your legal rights.

Wheatie,When you refer to the tenant buyer's "claim they have an equitable interest in the property" are you referring to any legal action if the deal goes to pot?