In this scenario you would do your normal screening on the new applicant, and write an addendum to add them as an authorized occupant.If you feel comfortable releasing the tenant from the lease you can write a new lease with the new parties and transfer the deposit to that lease. 

Will he charge any interest?  

Hi All,I have a question to anyone who works with banks and handles applications for loans.

For the multi family, which there is 400 units we own and manage, we charge $25 for water, sewer and trash, tenants pay gas and electric themselves.

As far as splitting the utilities goes if you live in it for a year or 2 you will have historical data for how much it all costs and you can either build it into the rent or charge a pro rata share to each tenant each month.

Its not really applicable for a house that needs any work.

In Atlanta, you're required to attend a briefing/meeting, then complete the application and provide requested info about the property, then they schedule the inspection and approve or reject the application per the standards.

They were charging 12% interest only.We use 100% cash but eventually a line of credit would be nice and, hopefully, we can find a small bank that would do so on performing and re-performing notes.I'd be careful with whatever leverage you use if you do find someone to lend on NPNs.

I would probably charge $75 for the MIL utilities since the main home is using the majority.

According to www.nerdwallet.com Chase bank has it to where on their HELOC there are no closing or application fees and charges a $50 origination fee and $50 annual fee.