The tenant and his wife would write apology notes to my wife and I, and they would make a $5,000 donation to the charity of my choice. $5,000 was not an amount of money they readily had, and they requested I allow them a couple of months to gather the funds so their kids could have a Christmas.

If the purchase price is $400K, you can write the offer so that the net amount to the seller is $398K.Lastly, if you believe there is opportunity in your local market, educate the BP community!

Functionality is what is going to come up when you rent out the unit more so than cosmetic.Cosmetic rehab and updating is what gets tenants into the door and give you a higher value for rent.But Functionality is what keeps your tenants happy and you happy. 

I strongly  encourage to share this information  and write an email and letter to as many state representatives and the governor to veto this bill or reverse  it.AB 2424 (Schiavo)

Put the agreement in writing.

Hello and good day Tenant, We are writing to remind you that your current lease for the property located at _______________ is set to expire on December 31st, 20XX.

My initial thought is to write it as an addendum with specifics of how many weeks a year, max duration, rent will be prorated that month, dates must be agreed upon with tenant at least 3 months in advance, etc Thoughts?

Some things to think about.When I have inherited tenants, I prefer to have them out as soon as possible so I can get the rehab done.Whatever you decide to do, inform the tenants in writing.

when you did you got a 50% day one write off and recapture was sunset at 5 to 7 years..

The LLC also gives you the ability to write off expenses associated with the property that you could not do as a personally owned house.My 2 cents would be to leave it the way it is and not transfer it.