Updated over 6 years ago on . Most recent reply
renting to adult foster home
Hey everyone I'm new to the investing seen and just started my first buy and hold. I'm getting ready to rent for the first time to two couples. They're intention is to turn my 5 bedroom 3 bath single level home into an adult foster home. My questions are, is there a special rental agreement I should do for renting to two families, or do they each fill out separate agreements? should I have any additional contracts that keep me clear from any sort of liability? Thank you and any additional advice about this would be really helpful.
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#3 Real Estate Deal Analysis & Advice Contributor
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- Mercer Island, WA
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#3 Real Estate Deal Analysis & Advice Contributor
- Rental Property Investor
- Mercer Island, WA
Is that even allowed in your area? That's a commercial business and may be prohibited by zoning regulations. Are these two couples going to live there or are they just the landlords who are then placing other people into the house? If so, this is really a commercial arrangement and not a residential lease at all. Consult an attorney. Commercial leases are very different beasts than residential.