In terms of the commercial spots, you may want to go down the "gentry" checklist to see what's not in the area:Coffee ShopCraft Beer Place"Artisanal" Bistro - Think grassfed meat sandwiches and avocado toastFood Truck ParkCrossfit (or derivation thereof) GymBakery or CupcakeryBicycle Repair ShopHipster Hair SalonBoutique Clothing/Craft/Candle ShopShared office space with strong Wi-Fi, a keurig machine and some free weights (ala Mr.

One day you will love this then the next you will be pulling your hair out.I highly suggest putting in your lease tenant checked all smoke detectors and carbon monoxide detectors.I also make them write that they will keep working batteries in them at all times.This will be like any relationship,no two people are the same.What works with one door might not work with the next.I will HIGHLY SUGGEST READING Managing rental properties by Brandon Turner !!!

I understand the trials and tribulations of working with friends and family, but I am willing to take these on for my first deal.My experience in real estate isn't super extensive but I am a data engineer for my day job with a background in statistics and finance.

I strongly suggest that you visit the market and the team as part of your extensive due diligence. 

If you require a lease extension, give him a deadline to sign it or move out.He told you he will be out this weekend.

Counter with principal only, 1 year optional extension.

If you are going to have a time crunch see if you can negotiate an extension with the Private lender (with penalties probably). 

Nothing was put in writing nor was there a contract extension or any contingencies.

We've found a candidate we're likely going to rent to, we've done the background/credit check and my wife's communicated extensively with the person via text message.

For example, on a 5 year hold, at minimum, I would do a 3 year loan with two 1 year extensions.