This is pretty common these days.Even if you keep it as a rental a loan modification might be possible. - Ned

(search here for the 50% rule) You have figured nothing in for vacancy, turnover cost, common utilities, and your insurance number looks low to me.What is the current tax assessment will the taxes go up based on your new purchase price?

An efficiency that rents for over $400 or more is not very common --unless it's in a busy and expensive metropolitan area.

Thanks for asking, I stated that they are not related, and only rent a bedroom, share common areas among them.

My partner funded the deal and was 51% owner in a TIC (tenant in common).

Is that common knowledge and practice, I doubt it.I'd try to have a good reputation in a small town if I wanted to stay in business. :)

The common response is send a 3/5/7 day notice to quit and if nothing shows up file for eviction after you wait.Many say their situation is unique, their tenant is normally good for it, etc etc, but the comments almost always say "The check is in the mail is a LIE".Now for my fun situation.

Anyone recommend a site, youtube channel, etc. that will take me through construction and rehab common procedures, costs, order of processes etc.Appreciate any help.

Because I’ve been renting to my friends, I did not take the time to adjust the lease contract my dad uses for his rentals to reflect that each tenant is renting one bedroom/bath and sharing common areas (kitchen, living room, dining room, laundry room).

Now, what is common is to arrange for the option price to be financed.