Cody isn't allowed to have hobbies because he has to study...err and ride his motorcycle, play video games and generally put up with me.I've been a lurker for ages, casually listening to the podcasts (both real estate and money) but now I'm ready to take some action.

I can't see a reason for doing anything besides splitting the costs in accordance with your ownership percentage.Percentage to save for capex varies based on age, climate, style of building, etc.

I am from Venezuela and moved into the U.S only 11 months ago at the age of 21, as soon as I arrived I started learning Real Estate, I am an Engineer so numbers are my thing, so after a few months of hardcore preparation, I obtained my Real Estate License and quickly applied my knowledge and tools to Real Estate Investing.I found this deal after several weeks of nonstop door-knocking in Miami, it was hundreds of doors knocked and rejections before I was able to find this hidden gem.This property was in pre-foreclosure status when I found it.Here is how the deal went down:Purchase Price: $99,800 + Closing Cost: $3200Rehab: $50,000 ARV: $250,000Description: 3/1 SFH in OK condition in a fast growing area in Miami, full interior rehab was done. several comps of similar properties in the area have sold between $230,000-$280,000 price range.

But I'm going to build a years experience in my career field before applying out of state for easier job placement, financial stability, my daughter will be older and school age by that point. 

My question is this.. statistically speaking if the owner is up there in age (80's), if I get a 30 owner finance with well enough terms that I would want to keep it and not refinance, they will not be around the whole 30 years...So.... what would happen?

Because 1) they are now in violation of the original lease and I can increase the rent and/or security to accommodate my needs and 2) now I have another person of legal age to go after to arrears, damages, etc...This does not mean I will increase the rent and/or the security, but I have my choice as they are in violation, and, if I do approve the "new" person, I have them complete an application as well.  

For starters, you'd want to consider the location and general age and price of properties in the neighborhood, ratings of nearby schools, amount of crime, vacancy (homeownership and rental), plus grocery stores and shopping centers nearby.A lot of this info can be found online (e.g. school ratings, crime maps, property age, grocery stores and shopping centers), while some of it can be determined by driving the neighborhood and talking to folks that live in the neighborhood.Asking police about a neighborhood might give you some objective info on crime, talking to property managers might give you info on vacancy and rent prices, and talking to a real estate agent might give you info on property age and price. 

If the tenant fails early on before you resale money can be lost.Additionally whether you reface a building or tear down can depend on age of the vacant building and what it would take to attract a new tenant.Example if you are getting the land and the building for dirt cheap then likely a mom and pop tenant would go in a decades old building with just some paint and other things to open up.

I wouldn't allow someone local (say, from Knoxville or Chattanooga) to book for a single night, I consider that a red flag, and as much as possible don't allow people under the age of 25 to book, especially for a single night. 

I'm 22 years of age with no REI experience, I live in Vegreville Alberta, and I work for a building supply company.