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If you must rent then you must carefully prepare a lease agreement. No handshake deals allowed!
If
buyer/renter refuses to close
deal for any reason,
only way you can get them out of
property is if you have a rental agreement that gives you
right to evict. It must also be a short term lease, so there is no misunderstanding about
buyer/renter remaining in
property if
deal goes bad.
In
purchase agreement you must spell out exactly, in a dollar amount, what repairs or improvements you will pay for. The agreement should indicate
buyer has had an inspection period and is buying subject to your limits on repairs and costs... now and in
future. If legitimate defects are found in
property during
rental period you can negotiate a solution.
You must collect sufficient security deposit to cover rent and potential damage
renter/buyer might inflict upon
property.
Look, if for some reason you feel you must accommodate
buyer during
closing period… pay for a motel room. Chances are it will be far cheaper in
long rund.

Mark Walters is an investor-entrepreneur helping other investors from his Web pages at http://www.Lease-Option-Sub2.com