How to ensure that this type of tenant will pay rent on time? 

It’s also important to conduct thorough due diligence, including inspecting major systems and reviewing all expenses, to ensure the property performs as expected.

When you overestimate rehab costs and use conservative after-repair values, you insure yourself against mistakes and help ensure a profit.Good luck to all new investors, and always ask for a second opinion before pulling the trigger on a transaction!

That said, as the owner, you’re ultimately responsible for major decisions and ensuring the property is maintained well, so some investors still like having a local point of contact or property manager on standby just to handle anything outside of PadSplit’s scope.

Why take the risk of AI messing things up, when as a host you are responsible for ensuring problems are handled (or hiring an actual person to do that).

That way, they share in the profits directly, which avoids complications like this.It’s definitely a good idea to check with your CPA to ensure your entities and agreements are structured correctly, this scenario comes up more often than you’d think.

.* Ensure them that security deposit (minus expenses) will be repaid within 7 days (much faster than statute) so they know we're on the up and up too.* Try to do a preliminary walkthrough prior to them moving out so if they want to fix/patch anything prior to the final move out, they can.Lessons learned and thanks for the advice all.

For example, since my team works across the entire state of Michigan, we’d keep it to one member per territory to ensure everyone feels comfortable sharing details about their business.If that sounds like something you’d be interested in, drop a comment or shoot me a DM.

There are a lot of standard questions that are readily available, or the screening site you choose may have their own application forms that you can't customize.Determine how you are going to identify which application is the strongest and ensure you are asking those questions.A few less common questions we ask:- How long do you plan to live here?

Ensure lighting works.