Happy Wednesday. Hope everyone is doing well. I'm hoping for some advice.
I have been in nightmare project of constructing a top / bottom duplex. The top is finished and has been on market for about 3 weeks with not much interest. It's also in a shady part of town (Denver.) We use a property management company.
A coworker would like to rent it, but could only sign a 6 month lease. I'm hesitant to do this. Have already had negative experience of having to evict a tenant that my husband became friends with against my advice, haha. I'm also very aware of how difficult it could be to find a tenant with active construction on the property and she may be a good fit (for now.)
She is well aware of the construction and will (hopefully) be patient with the construction crew. The project should be wrapped up within 6 months.
It would be relisted in the peak of the summer.
We can rent it NOW. It took about 2-3 months to find our last tenants for the property.
It's a coworker. I know renting to friends /family is a bad idea.
I would have to clean / prep it again in 6 months and pay an additional fee to list it.
Would miss out on the possibility of finding a potential a long term tenant.
Should I rent to her? Any advice?
Its difficult to do these things because in the event that something bad happens the co worker may blame you which could harm your relationship. However things could go really well. The best thing to do in this situation if you decide to rent is to set the expectations. By doing so you can help each other and avoid problems later. Definitely treat as you would any prospective tenant.
You listed all the CONS and they are the same reasons I wouldn't do it! You could find a similar Tenant, who would like to rent now during construction and wants to stay after complete as well. If you rent to your friend and Coworker would you be comfortable evicting her at some point? Sounds like you already know something about that. Trust your instincts. Your CON List is a good one!