I think a shorter less formal lease benefits the renter.  

These are all things you should probably look at before formally forming a partnership

If you insist on a partnership please make a formalized partnership agreement and be sure to include Exit Strategy(ies) in the document.

@Kevin Cullen- thanks  1) if actively property searching and  assuming you need to use a loan to acquire the property - make sure you have a  current  formal mortgage  pre approval in place  so that you can be  prepared to provide a pre approval letter along  with any offer you decide to make   2) make sure you are  aware of the differences  in mortgage  terms  for a  2 plex  versus a  3-4 plex   3) good luck

Did you give a formal scope with the plansThis could just be foundation and framing with no exterior sheathing/roofing, doors windows etcHow do you define what he is doing.

She had the formal degree in architectural interior design and had several flips under her belt when an acquaintence with a lot of capital but no experience approached her.

@Chelsea Price-  thanks ...1) if you will need to use a  loan to buy the STR - make sure to get formally pre approved 1-2 months before you begin looking for proeprties   2)  interview several PM firms  so you can  become familair with the costs and the companies    3)  try self  managing for  3-6 months  and  if all goes  well - great  ...whereas  if things are challenging - then  fall back on the  notes you took when you intially talked with the PM firms and  hire one ...good luck 

Fiberlock and other companies make excellent clean-up products.For an extensive mold clean-up, you may want to have a good local consultant plan, oversee, and document the work, preform clearance testing, and prepare a formal report.

Hartman's site and read this: "Judicial versus non-judicial states""When you are managing properties in, for example, California or New York you have to go through the eviction process and likely have to hire an attorney to do that.

I have a few questions: What is your opinion on formal classes?