Just clear the muddy water by doing a straight up 50/50 deal.

This will not cost you anything and you will obtain 95% of your water expenses every month from your tenants.

Currently the guest house is not separately metered for water or power.

If your numbers are accurate you should make almost 40k after paying your realtor :)Here are the numbers to back up my argument that this is not a good rental: Mortgage Rate 3.00% Length of Mortgage in years 30 Monthly Mortgage payment $420.55 Taxes $ 133.33 Sewer and Water $ 125.00 Trash $ - Heat/Utilities $ - HOA/Legal $ - Cap Ex and Ops $ 250.00 Insurance $ 100.00 Mgmt Fee $ 110.00 Vacancy $ 91.30 Total Expenses $1,230.18 Unit 1 $ 1,100.00 Unit 2 $ - Unit 3 $ - Unit 4 $ - Unit 5 $ - Unit 6 $ - Total Revenue $ 1,100.00 Cashflow/month $ (130.18) Cashflow/year $ (1,562.20) Cash on Cash Return -4.03%

I'd love to sell you something in my neck of the world but there's weird in the water and currently it's a bit of a bloodbath. 

I know a lot of people focus on Short Term Rentals over when you get closer to the water, but you need to be careful about what city you're in as STR are a very touchy subject.

Treated for bugs, replaced the interior and exterior "Zinsco" Breaker and service panels ($10,500), remodeled 2 bathrooms, replaced 3 of 5 water heaters, smoke detectors, added kitchen and bathroom GFCIs, 1 AC unit, 1 new dryer, replaced 2 windows, repaired several more windows.

Purchase price: $203,000 Cash invested: $40,000 Single family 2 bedroom 1 bath in Key Largo FL, not on the water but has an HOA park on Florida Bay with beach, dock, and boat ramp What made you interested in investing in this type of deal?

Finding out city zoning for new construction on this property, finding out about environmental impact, speaking with the development head in the county, also getting information on the water sewage and electric for the property and what it’s connected to.I offered one of the investors, let’s do the flip.

Not sure what type of water shut-off values to use.