This way you don't end up filing court paper unnecessarily and/or don't sour your landlord/tenant relationship.

I would suggest building a relationship with a realtor.

If you're going to do it anyway, I would start a LLC and then document the relationship down to the last detail, including EXACTLY what is expected of each person and EXACTLY how the profits would be divided.

Cheyne,Having done fix and flips for 12 years, both Jon and Mike give you excellent advice.I always limit the number or use of contractors specifically for the reasons you have experienced and Mike described.You sound as if you are at the end of the line money wise, if you can't get capital to finish, either through private money or a money partner, I would lean towards selling as-is and get out from it before it becomes a further burden.

Just Do It" is excellent advice if you're buying a pair of tennis shoes, but terrible advice if you're starting a business (and operating rental properties IS a business).

He seems to be the authority figure of the relationship and if he signs, pyschologically, it will seal up the property for him and probably her.

There were several things that kept me from taking advantage of the products they were offering, fishwives that they were, hawking the excellence of their wares into my ears.

My suggestion is to build a business relationship with a couple of small local banks in your area.

There is also a decent excel analysis tool in one of these threads.Take careGary

If rents average $1000/unit, that's really excellent work.The problem with expecting 5% appreciation going forward is that we've just been through a period where its been MUCH, MUCH higher.