I'm implementing it tomorrow morning!

@Jo-Ann LapinThe main reason for the recent rise in rents and home values is a migration of the lower and middle class from the Bay Area. 

Our property is in a good school district and a decent neighborhood, so I believe we can attract quality tenants otherwise.We've considered the idea of putting of fencing down the middle of the back yard or something similar.

I think a 50/50 split of capital should mean you should be getting paid for the management of the property.50/50 investment (he pays half, I pay half)50/50 ownership50/50 cash-on-cash rent pay outs.He wants NO management or ongoing responsibilities.IE - I do property vetting, mgt of rehab, mgt property, mgt finances, mgt llc, etc.So my opinion in a perfect world you to try to meet in the middle. 50/50 capital split but you earn a 10% management fee is how it would be fairly structured.Thing is, it sounds like your chasing him down to get his capital into play. 

I put in offers in the middle of the night, if it suits me.  

Some Updates to get $775..With the rent in the middle, it should rent quickly..Paint, flooring will not cost much with you doing the work.  

Thank you Account Closed The block is not bad, as in my wife and I would not mind living there, it has plenty of parking, it's tree-lined, clean, and close to a middle school.

As far as reporting you to the village building department, I would reach out to them Monday morning in person to very briefly explain that you have a deadbeat tenant who is trying to cause you problems.

Should we look for locations that are central to 3 or 4 towns or set up shop in the middle of one? 

@James Marszalek, good morning.