Our lease does say, 'jointly and severally liable'...Would it be better for tenant #1 to sublet the 2nd bedroom and be responsible for collecting his half of the rent from the new tenant ?

I will have a collection agency go after your bank account and get a garnishment on your paycheck.

@Nathan G.Are you allowed to ask for proof that it truly is an approved emotional support pet?

Like having to "collect" rents.

Also, was able to collect some rent while holding the property which was an added bonus.

Also, was able to collect some rent while holding the property which was an added bonus.

  :)To all;  a help with your buy and hold business model is captured in a paper I wrote and linked off my BP profile 1st paragraph;  how to buy a bullet proof portfolio.. 

I see it as remodeling your homestead prior to selling which does not require you to treat it as an investment unless you actually then rented it out, collected rent and depreciated on taxes.  

There's absolutely no way I would pay a significant fee that was not contingent on performance of my due diligence.What would stop an unscrupulous seller with a property having a known major defect from dangling that stinker out in the market, attracting some unsuspecting and hapless would-be buyer, and then collecting easy, non-refundable money from them?

Personal property stays in yr name + LLC1 holds the real estate and LLC2 collects the rents on behalf of you and LLC1.