If it is not properly capitalized and plaintiff's counsel successfully argues that it is just a shell for liability purposes, it will get tossed out.

Life is 10% what happens to me 90% how I react to it"By Charles R Swindoll

Second question is that if proper notice is the issue here, isn't there some legal contracts you could sign with the tenants to give them notice and fully lay out all the scenarios if you take ownership for 45k.

If for some reason that is not agreeable with your tenants, then you are stuck relying on shelf liner.A few other options are: 1) let the process take its course and know that you will have issues to deal with in a few years, although these are relatively durable products assuming proper use and damage control 2) try to water proof them with a fast drying brush on lacquer product or an aerosol product (several thin coats)....never done it but don't see why it couldn't work or 3) after step 1 is complete and it has been a few years, you can sand down the bubbled up cabinet bottoms where wet plates and cups were set and put new 1/4' hardi-board????

And so since I had not properly introduced myself before, here we go:Began as an Electrical Engineering Major, switched to double majoring in Mathematics & Math Education, graduated and taught high school math for a few years, started a family and stayed home.

PLAN for the money that can be lost and what happens when a partner wants out etc.Partnerships sound great when they start but later on can become nightmares if not set up properly in the beginning.

Make sure it works properly.

Don't want anything sitting empty or or not properly secured.

I feel with proper management and minor updates, rents could be $750+.

In the end, it's important to properly value your time, and it's generally not effective for you to be doing hands on rehab work.