Or another possibility is considering taking on an equity partner or joint venture partner.

I would probably do a separate LLC for every joint venture with a different person, but not for every property. 

But otherwise, if you want to accept them they go on the lease as "jointly and severally liable," same as the kids. 

If you have the time to be able to do so, please look over the scorecard below and let me know what you think.Minimum Qualifications qApplicant MUST be 18yrs or olderqApplicant Must Have A Minimum Credit Score of 580 From All Three Credit Reporting AgenciesqApplicant Must Have Verifiable Income and Make At Least 3x Rent Monthly (Joint Income if Married) (Proof of Income Required)qApplicant Must Have Good Reference from Current/Past Landlord(s) (or Supervisor if previously Owned Home)qApplicant Must Have NO Current/Past Evictions, Judgements, Collections, Or Liens from Current/Former Landlords. qApplicant Must have valid, non-expired state-issued photo IDqApplicant Must have A Social Security NumberqApplicant Must Possess an Open Checking AccountqApplicant Must Not Have Been Convicted of Felony/Violent Crime/Drug Related Crime Within the Past 7yrsqApplicant Must NEVER Have Been Convicted of A Sex Crime or Be On Sex Offenders RegistryqTotal Occupancy Must Not Be in Excess of 2 Persons Per BedroomDisqualifiers: qRuns a Business From Home (Online Sales of Art/Crafts exempt)qNo Employment or Employed Less Than 2 monthsqSection 8qIncomplete ApplicationqIllicit Drug UserqHas More Than Two petsqHas Exotic and/or venomous petsPositive Qualifiers q(+5) Has Credit Score between 580 and 619q(+10) Has Credit score 620+ q(+10) Has Rental History of 1 year and Landlord Had/Has No Issues/Complaints q(+15) Has Rental History of 2-4yrs and Landlord Had/Has No Issues/Complaintsq(+20) Has Rental History of 5yrs+ and Landlord Had/Has No Issues/Complaintsq (+10) No Late Payments Over Rental Historyq(+10) No Broken Leases Unless Health/Safety Issues [Exercising Military Clause Okay] q(+5) Same Employer 1yrq(+10) Same Employer 2-4yrsq(+15) Same Employer 5-9yrsq(+20) Same Employer 10yrs+q(+10) Current Manager/Supervisor States Only Good Things About Applicant q (+5) Has Checking and Savings Accountq(+10) Will Pay Online q(+5) Will Pay Via Money Orderq(+10) Has Renters Insuranceq(+10) Has Total Move-In Funds Available Todayq(+10) Positive Valid Referencesq(+10) Vehicle Interior and Exterior CleanNegative Qualifiers q(-5) Is a smoker q(-10) Currently Owes Back-Due Child Support q(-10) Currently Has Delinquent/Negative Accountsq(-20) Has Filed For Bankruptcy Within Past 2yrs q(-20) Current Employer Raises ANY Concerns q(-20) Asked for Upgrades/Changes/Modifications Prior to Acceptance q(-20) Has Lied to Prior Landlords/Property Managersq(-20) No Prior Rental History

I guess you could check by straddling the toilet and rocking it with your knees (aka the dry rot test)?

Is it common to have management fees as an EXPENSE in a joint venture, or is it common for one partner to put up the money, and the other to oversee the management 'for free'?

The words "jointly and severally" should be in all your leases, along with parents as cosigners. 

"It was my parents house and I'm keeping it for sentimental reasons," "My brother and I jointly inherited it and can't come to an agreement on what to do," "I want to sell it but don't have the cash to get it in saleable condition," etc.Once you know what's been holding them back, you can find a way to solve their problem!

Your Rental Agreement should have each individual occupant named, as well as each guarantor, and be sure you also have a "joint and several" clause.

This would be my 2nd commercial property to go along with a few residential properties I own. The other commercial is a simple lease for a salon. I’m not involved in that business. It falls into the category of: I’ve ...