Maybe agree to the fee or negotiate down, but let him know you need a proper management agreement in writing signed by both of you, including amount for repairs without getting your permission first, and you'll need monthly statements each month like a property manager would so you have some idea of what is going on monthly.

@Karen Margrave I am considering taking vacant land to the finished product of multifamily homes, primary duplexes or triplexes.

If they demand to be exclusive to do a contract make them put up huge non-refundable option money that you get TODAY but will be applied off the purchase price at closing.Really you need a real estate attorney to draft the proper forms.

Monty Corbett -First, make sure you have all the proper legal documents.

This is a pretty niche product - much like the 5-10 financing.

.- Get financial statements that would illustrate proper net worth and/or income.- Create a checklist of questions that would help qualify the investor and have them sign the form.- Have the investor's CPA or lawyer write a letter attesting to the fact that they are accredited.Obviously the tax returns are the best route to go.

If it is written properly it will be in there and you will have your answer.

Clearly, there should be value in adding this feature, and doing so properly and with a permit, so that it's reflected in the title, and i'm trying to gage how much would be acceptable to spend on central air.I've been quoted between $7200 and $16K for a 3Ton complete system, and while i don't always go with the lowest bid, i'm tempted to do so this time since i treat air as a "commodity" and not "finishings" and am at the tail and of a renovation.

Better get down on one knee and do it the proper way!

I agree with @John Jackson , @Bill Walston is your man.As I do mostly Lease Option Assignments and Sub2 acquisitions, its all ordinary income.Write off as much as you can with good tax advice and the proper entity structure.