You can RSVP here (an account is required) or simply show up - but registering would be helpful so we can plan accordingly with printed materials: http://www.meetup.com/Networth-Investors/events/22...Light refreshments will be served - please note that Somerville is mostly resident parking, so be sure to give yourself some extra time if you're driving in, try to carpool, or take the T.  

P.S. they would not give me the mortgage service pmts so It's safe to say this property is in the hole for the past 5 years even if there payments were $500 a month.

I simply mention this as something you might also consider referring to when buying any property.  

This strategy should also protect the downside a little better by offering a larger pool of buyers in the future.The way we try to claw back the cahsflow/equity is by targeting short sales or wholesale deals that may require rehab but are priced well below market value.We are not reinventing the wheel, simply implementing a tried and tested method.

I hate to put carpet in simply because I hate it myself and also because I feel that after 2 yrs it will show some wear; I know tenants are never as careful as owners with properties. 

Simply click the box in the upper right corner of the post!

They are going to be a long term partner, so treat it as though you are interviewing an employee for your company.You could also do another post in Bigger Pockets, that is not quite so long ;) that simply says....Hey anyone know a good RE Attorney in {insert your area}?

Unless you think the parents are in severe financial distress and simply don't have the money, I would think that paying their kid's rent while the kid is at university is pretty high up there on the priorities list.I am imagining how the late rent scenario would play out:  Student calls mom and dad crying, asking "I'm getting evicted right before exams because you guys didn't pay the rent???"  

Now, the income will pass through and reflect on your tax return, but it is still safer to use your business account and simply less hassle is all.

However, if the late payments still bother you that much by December, then either do not renew the lease or simply impose stricter penalties for paying late.Does your lease contain a late fee?