I have seen this in practice.

Happy day BP folks!
What's the best advice for a first-time real estate investor?
Let's hear those great ideas and experiences!

Any tips on how you practiced getting the numbers right?

My best practice here was to call the agent beforehand to 1) give them heads up 2) give them a small explanation (so as to not reveal too much). 

Examples include the lease agreement that comes in Brandon's "The Book on Managing Rental Properties" can be used but if you want to have best practice, have a local RE attorney review any other lease you use.Good luck!

Hard to believe, but I guess that's what happens when you combine too much booze with not enough practice.....

Make a PDF or JPG of a screen shot showing the time sent, and probably a hard copy print out wouldn't be a bad idea either-- all of this is likely overkill, but not bad practice for "just in case". 

I explained how I was practicing this method on these smaller multi-family properties because I intend to do this same process with small commercial residential buildings because you can increase the property value by increasing the buildings operating income.

I use it all the time in practice and get most of my deals around that figure.  

As a best practice, tenants should be provided with written notice of this arrangement to ensure they are aware of it and not being charged above-market rates.All the best!