I agree with Brandon, in order to be successful in real estate you must think of it as a business.

I agree with Michael Biggs; however, I would make any leases subject to rescreening.

Agreed.

We agreed to a 3 year lease at the time because they requested it for "stability" reasons.

They have asked me, and I have agreed, to be the broker for this new venture, but there are a lot of questions that I have and cant seem to find the answer for online.

I would highest suggest u and ur ex wife go to a lawyer and get a document agreeing to all the terms.

I think I can build the second unit for $50-60k, but what it will appraise at is the big issue, as there are no comparables in my area that I or my realtor could find.My last house the FHA appraisal came in $10k less than the offered price, so even if the rent income justifies fully a $300k or $350k mortgage, if the FHA appraisal doesn't agree, I am screwed, this time for a much bigger amount.Certainly the difference between $250k, $300k, or $350k is huge, one has no profit, the other $100k profit!

The tenant has not signed a lease with me.my mortgage list this property as my primary residence. question: if I offer a month to month term and the tenant agrees, would this supersede the prior agreement with the previous owner?

I would agree I am "green" to estimating rehab cost but I will definitely get better as my first flip comes through and more in the future.

Before Business school in Virginia, I spent 4 and half years working in the DC area for one of the largest general contractors in the country.