Originally posted by @Joy Y.

and you already have copies of the leases, I would:-make sure you get adjustment at closing for full partial month's rent from seller (it doesn't matter if tenants are on time, seller owes buyer rent due buyer for stub of month, unless you close on the last day of the month)-give all tenants a 'hello, I'm the new landlord' letter - note where to send payment and what the payment terms are ("according to your lease, your rent of $xxx is due each month on the first; if payment is not received by the xth a late fee of y will apply")-pursue nonpayment eviction against anyone who doesn't pay on time.  

CAM's work for the Board, but take the "I'm a friendly investor, concerned about my investment" approach with a heaping spoonful of sugar.

Not something I would be able to tell someone study X to understand Y.

If everything goes well and if I can sell the home for $1,200,000 I believe we can profit around $300,000.What would be a fair split between y partner and I?

That's the world of Commercial Lending - -Pro:- the CU is treating you as a professional - - not too common for CUsCon:- the ARM and refi Typically, these loans are  X years, Due in Y (implicitly coming due with a balloon payment.The X years sets  the amortization table and you refi at Y years;  eg 20/due in 5The propert(ies) are already vouching for you (hence Com Loan), so when the Y years arrives, you're refi'ing the balloon amount and it should be a cakewalk with the same CU unless the IMF, EU, & US Treasury all go belly-up.

I then inform them all that I will be having an open house on Saturday from X-Y and Sunday from A-B.

You should go straight from X --> Y, to me it sounds like you're going from X ---> A ------> B ------> C ----->D ------> Y.    

My hunch is that she's collecting some sort of property management fee from this couple, and/or telling them it's rented for X and only sending them Y amount that she's collecting from some other property--basically she's figured out some way to profit off this couple.  

I'm an electrician and cam do my part and reduce the construction even more.