Operating expenses include (but are not limited to): taxes, insurance, management, maintenance, entity maintenance, advertising, utilities (at least during vacancies), legal fees, damage done by tenants (over the security deposit), vacancies, setouts, lawsuits, and capital expenses (not technically an operating expense).Stated another way, the 50% rule, which is generally considered to be fairly close to actual expenses, states that …50% of your gross rents will be taken up by expenses, such as property tax insurance vacancy property management maintenance capital repairs legals and accounting.From the remaining 50% you service your debt, if any, and the remaining is your profit.

Therefore, you would need to make sure their personality, vision, and goals match with yours. right?

Giving them right of refusal to match competing offers, renewals for 21 years, and if you break it they are allowed to collect 75% of gross revenues (they only get 50% now)  for the remainder of the lease and that 21 years of renewals. 

Also, should I require additional deposit from the new roommate?

Two houses, both on same street and both the exact model match.

Use your company EIN on the w-9, this will allow the title co to cut the check in your llc name and allow you to deposit into your business checking acct. 

Hopefully the security deposit covered most of the damage (at least it’s a pretty cheap make ready. that’s really not a lot more than a simple repaint or recarpet  could run.) it’s mostly the missed rent and vacancy that’s a real killer. 

This has not been an issue in the past but seems like anything that matches my criteria since late January gets multiple offers way over asking within the first day.

Earnest deposit and then 30 days for the balance? 

The property was rented (no previous lease and no security deposit transferred) for $600 a month.