Here’s how I’d think about it:Relative Homestead route:You get the tax perks: homestead status usually means lower property taxes, plus you can still deduct mortgage interest.It’s simpler paperwork-wise — no leases, no rental registration, no landlord compliance hoops.Friends kicking in “help with expenses” is more like cost-sharing than formal rental income.Official Rental route:You’d be treating it as a true investment property.

The downside is also clear - more risk, less structure, and less formal training.I’m considering proposing a blended performance bonus instead of just the flat $10K.

Me personally, I would at least formalize that with an email.

So their counter argument is "it's worth that much cause we said all the others are"I'm leaning towards a formal dispute.

Still, the appraisal was what kept them from overpaying in an overheated market. never treat the appraisal as a formality.

This creates a formal lien, making it a financed purchase-even though there is no cash change in hands.Once property is appraised, I apply for a cash out refinance.

Should I do a formal "Cash for Keys" agreement, or just a simple written move-out agreement with "landlord assistance with moving expenses: $X"?

Can the heirs sign a contract contingent upon them opening probate, or is it legally safer to wait until a formal Executor/Administrator is appointed by the Surrogate's Court in Erie County before signing anything?

A few ways to find REIAs or meetups in Riverside County:BiggerPockets Local Meetups – Check the events section; many local investors post in the area.Local Facebook Groups – Search for “Riverside Real Estate Investors” or “Inland Empire REIAs.”Networking at events – Even if there isn’t a formal REIA nearby, look for open house tours, workshops, or landlord associations; they’re often smaller but valuable.LinkedIn Events – Search “real estate investing Riverside CA” for networking events or webinars.Sometimes, smaller, informal groups are just as helpful as formal REIAs, especially for sharing deals and local tips.

Hi everyone, I run a house-flipping business in California through an LLC and I’m looking for guidance on how to structure my deals so that outside investors can contribute capital and receive a share of the profits, without becoming formal equity partners or members of the LLC.