Since this is a 600 amp service with SIX strands of 350mc wire the size of your thumb we had to retain the services of an engineer to draft plans along with my electrician and I figuring out how we would replace service with an occupied building.

Retain an attorney to draft if you get serious. 

We hold the utilities in our name and pay them, but provide the tenant with copies of the bills {this enables them to monitor and regulate their usage}.Every three months we reconcile the utilities budget and give the tenant the option of retaining any surplus in the budget (say for coming colder weather) or applying it to the next month's rent.

His position is still protected since any winning bidder takes title subject to the senior lien and the senior lienholder retains his right to FC in case the new owner fails to fulfill the obligations of the senior lien.

From my understanding of the Indy market, duplexes are typically in tougher neighborhoods, and can be challenging to manage - keeping and retaining good tenants.  

My two constraints are that I want to pull some cash out of it for that other down payment, and I want to retain some portion of that real estate if at all possible.

The seller entity (in Illinois) can retain their own lawyer.

Paying a 20% retainer is more reasonable only if materials are included in the job estimate. 

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My husband and I own one rental property that is managed by a third party, but we are looking to continue to invest in additional properties while we retain our full time employment.