Self Managed IP by New Investor

Didn't you say earlier that tenant 1 didn't want to be responsible for the other tenants or top collect money? If so how can you say they are managing the IP? A managing agent does a LOT more than jujust collect money. Is your friend willing to take on that role? What's in it for them?

Good point travelbug, Tenant1 didn't want to have to collect money for services or rent. However, this forum has helped highlight how impractical it would be to try to include services in rent so the Tenants will have to sort it out themselves.
Tenant1 will be showing the property, interviewing applicants, collecting applications and references, returning leases to me once they are completed. Following the requirements of the Residential Tenancies Act.
When the house is let, Tenant1 will be making sure the house is kept in a good tidy condition, organising any maintenance and repairs which need to be done whilst liasing with me where neccessary. Rent will be paid to a bank account as I assume would be standard practice these days. If there is late payment of rent or a serious issue affecting my interest, Tenant1 will make an intitial approach followed by an approach from me. If things escalate I will procede according to the law. Tenant1 will get a rent rebate in return for this service.

Cheers,
 
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