The reality is the opposite - if it's not in writing then the PMC doesn't have to provide the service or can charge extra for it.We have a 12 page management contract that we've added our real experiences to over the years, with the intent of protecting both us AND the landlord.

@Jay WilliamsI would strongly suggest revisiting the benefits of an LLC, mostly for asset protection, but also an LLC is a business entity and there will be write-offs.

Real estate investing is fascinating to me and I want to get started by writing and asking questions in the forums.

I guess the reason I need to make sure that he’s in violation of the lease is so that I can cancel that lease because he’s in violation and write up a new lease with our name on it for the $750 a month instead of the $700 a month.

A one-size-fits-all approach to defining the rules is extraordinarily difficult in the same way that writing down all of the laws in Napoleonic fashion is virtually impossible.

I write a renewal notification and ask them to sign, it is multiple choice and says nicely thank you for being good tenants..expenses have gone up. 

I just have a folder for each one and write down the expense on a piece of paper.

In my opinion its a no brainer if the expenses get to be written off like I would just do as a normal rental property, I could do all renos and write them all off!

It is getting more difficult to find cashflow, but I thought I'd share my recent experiences to reduce some of the discouragement that investors are experiencing.If you're using quick math (like the 1% rule) to analyze properties, I suggest doing the long math on a few properties to see if you're writing off properties too quickly.

We will be splitting everything 50/50 but I will be managing the money once the property is purchased.We want to write up some sort of partnership agreement to protect us both.Any recommendations on what to include?