It is a considerably good price considering the area, I'm just not sure on whether the rental income is worth paying for.Apart from about $10,000 it is fully rennovated and ready to be rented out within 2-3 months.Thanks for any advice!

.: I think you meant to type was… Thanks @Jeff S.for your free professional advice.

I need advice for creating the lease to include guidelines and wording on sharing responsibilities in the common areas. 

Readers should seek professional advice.

Please try not to confuse two totally different aspects of investing when giving advice.

They're the kind of pros who can dig into your plan, give it a good shake, and offer smart advice on everything from portfolio strategies to tax stuff.Sounds like it could be a game changer for you, right?

The property is located near two colleges, so I’m focusing on student tenants and planning for 12-month lease terms.Do you have any tips or advice for renting by the room?

@Jonathan Klemm that is great advice for first time buyers!

If they are the one providing most of the cash, they might not want to carry that liability, but you've already negotiated with your partners on this and then the bank isn't cool with it, you could be in a pickle.Thanks for the advice !

Readers should seek professional advice.