The rate is a function of the overall risk and availability of other options.So if the guy has a high net worth, lots of experience, offers a personal guarantee, and it is a project you can get behind 6% might not be a bad deal.  

. §54.1-2103 Exemptionsa.The provision of this chapter shall not apply to:1.Any person, partnership, association or corporation, on their regular employees, who as owner or lesser perform any of the acts enumerated in §54.1-2101 with reference to property owned leased by them, where the acts are performed in the regular course of or the management of a property and its investment therein;2.Any person acting without compensation as attorney-in-fact under a power of attorney issued by a property owner solely for the purpose of authorizing the final performance required of such owner under a contract for the sale lease purchase, or exchange of real estate;3.Services rendered by an attorney-at law in the performance of his duties as such;4.A person acting as a receiver, trustee in bankruptcy, administrator or executor, any person selling real estate under order of the court;5.A trustee under a trust agreement, deed of trust, or will, or the regular salaried employee thereof;So if you are not interested in getting licensed, and don't want to manage any more, then I would say have your friend give you a power of attorney to manage the property for him.  

Yes, electric outlets must be grounded, all utilities fully functional, faucets and drains function properly, carpets and linoleum not torn or frayed, weather stripping keeping the cold out, windows and doors close properly and lock securely. 

Is it functioning OK so far?

Use the BP search function to find it.

My lease specifically states that the plumbing was functional at move-in & if it clogs up, tenant is responsible.

Not only do I write off EVERYTHING that is remotely related to the functions of the business to reduce tax liability, I also don't pay Social Security tax on a corporation.

Scott said, it's as simple as a partnership agreement.

Defines in clear terms that the relationship of the REI and Consultant is one of independent contractor and only becomes an equity partnership based on the terms of the agreement.

I hail from an earlier generation and though I've been using the functionality of the Internet and mobile data communications longer than most, it took me a while to adapt to how much the current generation relies on SMS messaging (aka texting) and just how ill at ease many of them seem in face-to-face conversation.