That wouldn't be okay.On the other hand, if the prior landlord told you the applicant was a nightmare tenant because they had loud/disruptive parties, destroyed the property, and paid rent late every month (or not at all). 

I also think replace it after you move out, and before a tenant moves in.That way neither of you has to deal with the noise and disruption of the job while living there.

The issue of California competing with other high-tech centers in the world (instead of Rust/Bible Belt) may be easier to grasp for people who are reasonably familiar with geopolitics, global market trends, and the disruptive tech sector dependent on attracting the best talent.

Sometimes people are selling you 3 units, but the town has it as a legal two which could devalue your unit and disrupt your cashflow.

Not because of rent payment, but because of the police being Called, disruption to neighborhood or whatever you call the disturbance.

(The thrust being they don't want Airbnb disrupting the neighborhood vibe."

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%).