I like the one that requires payments to be deposited in an escrow account:New York state law requires that consumers receive a written contract for home-improvement work that exceeds $500.

If you need financial help, ask under the "Finance, Tax, and Legal" forum.

I would not make this a legal matter, but you will have to decide if you want to commit to living with this landlord.

If you need financial help, ask under the "Finance, Tax, and Legal" forum.

Who would not want a legal, permitted unit for $8k or anywhere close to that (i believe the $8k is likely optimistic)?  

It does not take that many hours to look at a property, sign a contract or even manage tenants.If you are bored in your 9-5 it's time to move on to a job where you learn and get challenged so you can grow.

If you need financial help, ask under the "Finance, Tax, and Legal" forum.

@Robert Quiroz I think all of the factors you have listed might contribute.So I’m not going to comment on that but I am going to comment on an assumption you made.If 85% of rents are below market on deals you underwrite then those contract rents are probably THE market rent.You can’t just go based upon area median income to rent ratio.First off urban areas are oftentimes street by street, block by block.

You have a “full” package including property(s) identified, acquisitions under contract, appraisals performed by MAI appraisers, historical financial statements, pro forma projections, surveys, title reports, feasibility studies3.

However, if they are still considered a short-term guest under lodging rules, you may have more flexibility, though the specifics can depend on local regulations in Seattle.Since this can become a legal gray area, I recommend documenting all agreements, payments, and communication with the guest.