I find that the tank heaters seem to break down exactly after the warranty expires.

You'll want to decide how the Operating Agreement provides for costs, profits, break ups, etc.It is a pretty simple agreement based on what you've described.

This is just a whim, so take it for what it is worth....If you want to sell while market is UP a lot, i get that.....but, I wonder if you'd consider renting for a while to see if the market cools a bit....so, your next purchase does not break the bank. 

Please keep in mind in short term if you're not managing you're breaking even if you're lucky.

Assuming one applies for delayed financing before renovating the property.To me, this is GREAT news.

This will ultimately make or break your success.

If you want to break their lease to move in, you are going to have to give them notice. 

It is also good to have some reserves (what happens if a hot water tank or furnace breaks down the day after closing).

I can take a break and ride my jet skiis which is a huge perk. 

If they feel the home is unsafe, give them the opportunity to break the lease and move out.