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Tax, SDIRAs & Cost Segregation

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Garrett M.
Pro Member
  • Rental Property Investor
  • Philadelphia, PA
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180
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Legal lease signed by manager? Owner wants to remain anonymous

Garrett M.
Pro Member
  • Rental Property Investor
  • Philadelphia, PA
Posted Apr 7 2020, 13:53

Hello BP friends! I need to write a legally binding lease for a single-family property I'm going to be managing for a friend who doesn't want to be named on the lease. I manage my own small portfolio of rentals and I offered a friend to manage their property. Normally my leases are very straightforward, so this is new territory for me. 

To protect myself from liability and also to ensure the lease is legally binding, I need advice on how to write out the lease. I've researched some and read that the owner can grant me the authority to act on their behalf in matters relating to the management of the property. But I can not find guidance on what needs to be disclosed on the lease itself.  Is there a specific lease format for this situation? 

I appreciate any guidance you have! I'm in Philadelphia, Pennsylvania if that has any bearing on the discussion. Thanks.

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