Not a fan of condos as the board can add a special assessment if there is not enough money to repair things like roofs in addition to the regular condo fee.

And any payments received after the "grace period" (I think 3 days is better than 5) you assess a late fee and possibly a Pay or Quit notice.  

But creating a comprehensive JV agreement requires a lawyer... and its very very expensive!!!!      

This 3.5 was supposed to come from yr 2 appreciation.)Not trying to poke holes here, just trying to fairly assess these claims and gauge my plans and expectations.

I was told if I couldn't find a comp for a house, that I would need to use the assessed value from the tax assessors.

I need comp report to assess the property before I make an offer.

Have your realtor do a CMA on the property to get an accurate assessment of its value.

Based on your post, it seems you agreed with the tenant’s assessment of the weird layout and also acknowledge that this new door would benefit you in the future.

Late fees also are not allowed until after 30 days of non-payment and then I believe you are only allowed to assess for a $50 fee which I believe is one-time and not daily. 

I went in on a virtually no-risk, low-buy in deal with him....literally making gas money every month for 6 years, haha....but it's valuable going through the whole process with the assessing the note, going through the title company, considering the legalities, going through all the paperwork.