From the responses It sounds like I am on the right track with this setup, I.E., interest only loans or complete payoff at sale or JV are the most common structures.

This makes it easy for both tenant and landlord to keep track of everything.

I would only work with a tenant who had a good track record, in a property that was difficult to fill, as opposed to having it become a vacant target for pipe thieves (been there, done that).

Also, I like Yesware to track emails I send.

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:)Historically, real estate has tracked inflation, so holding real estate for a long time is more of a hedge against the decreased value of the dollar than it is an automatic wealth builder.Of course, when you combine time with all the other factors you mentioned, that's where the money comes from...

I think a MH would fit nicely in the neighborhood and wouldn't have to worry about its value decreasing.Now that I've told my life story, I've come here to get some feedback on whether I'm on track with this thinking or if I have no idea what I'm talking about.

This ends you chasing rent and keeping track of the 6 days.

If u have a sit down with them after u purchase the property and let them know that if u don't receive the first pmt on time u will immediately evict because of their track record they may get their act together.

Pluses are that you're dealing with a contractor who should have the rehab numbers pretty tight, and he has some track record of success.