In addition to being a college town, the business industry looks positive.

@Amy FirminAmy, If you are bringing your kids in to teach them the business, letting them know that trying to cut costs by saving on legal fees is definitely not the best advice.A partnership template may technically cover the needs of the parties at its inception but may not be sufficient to cover the eventualities that can arise in real time.If you do find that template, spending a few bucks to have an experienced eyeballs on it to button it up seems like a good idea.

You also have to factor in the other costs in an exchange such as brokers fees and intermediary fees as well.

Additionally, if there's a particular aspect of real estate you're eager to explore or learn more about, let me know, and I'll do my best to provide valuable insights.

I typically recommend Nation's title services as they have very low fees. 

But in many cases they will just ending up routing you back through a broker which brings you back to the above scenario, so you've really gotta pick and choose well.Keep in mind that if you do find one, there will be things you need to do on your end such as specific signage, obtaining certificate of insurance from any vendors you work with (cleaners, handyman, pool guy), etc.Safely I believe also includes liability as an option in addition to their usual damage protection at an extra cost, though in that case you're paying on a per booking basis rather than a yearly fee, and it's likely going to be quite a bit more expensive. 

These are professionals with additional training and a stricter code of ethics.

Hope this additional insight helps you in making your decision. 

So you would take PITI + (any HOA, management fees) and make sure that rent is higher than expenses.

The accounting aspect is a an additional thought I hadn't heard before.I know some people have used this strategy in an attempt to avoid triggering a re-evaluation of property taxes.