Laws prohibit the establishment of a "standard industry rate" in the truest sense of the word - it is considered price fixing.

I assume it's probably best to just transfer the lease into the new tenant's name with the respect to all individuals agreeing (including the no-pay individual)?

Hello I am very new to investing I have taken a few classes and read allot online but trying to start my business here in NJ is a challenge There are lots of people in my area who are already established.

The number one thing is to establish your rules and policies and don't deviate from them.

And sometimes there's weirdness and fees with utility companies when trying to establish service if it's been off awhile.

@Ralph Soles   I respectfully disagree with your colleagues who are telling you otherwise. 

When doing the background research on potential properties has prior to making offers, how do you go about vetting the property enough to have the confidence to establish an asking price on the home??

In your original post, you say one of your goals is to establish a good relationship with the tenant's parents - well, trying to modify the lease at this point is a sure-fire way to achieve the opposite, in my opinion.

Will there be an issued for me or him as far as taxes or for him in respect to capital gains.

Once your partners commit, many of them may have to sell off an investment and perhaps establish a self-directed IRA or RE 401k, and that can take 30 days or longer.