Anyone ever equity share a home needing repairs?
I run into this scenario quite often: I can either buy a home or I get an existing home back from a renter that needs mostly minor (but expensive) repairs or updates, such as new carpet or paint. As you know that can quickly add up to 6-7K per home. I would like to avoid those costs by instead giving a repair credit to a new lease option tenant and letting them make the repairs for a credit off the price or possibly equity sharing with the same senerio. To avoid the work never getting done, my plan is to rent them the house with no right of occupancy until the work was completed and approved by me. Has anyone structured something similar to avoid those cost, if so how did you structure and advertise it? Also, how much response have you had from L/O buyers or equity share partners that are ready, willing and able to earn a repair credit? Thanks