Don't mean to sound like Debbie Downer here, but there are a whole host of liability issues here - for you and the investor/owner. Been there, seen it. First is the level of habitability - the neighbors or the county can boot you out. Second is the insurance coverage - most investors take out only dwelling coverage and then hire contractors who have their own coverage against injury/loss. Third, if you are doing a sweat equity project and are trying to stay rent free while rehab is going on....what is the motivation for you to complete the project?
You would do better to contract out your services, make some money and pay your own rent. The only situation I personally know that has worked out has been investors who own duplexes. They give you free rent in exchange for property management (rent collection, repairs, grass cutting, etc.), but realize there is a strict "boot you out clause" under those types agreements since you would not be a renter, but rather an employee. Tennessee is a "right to employee state" as you might already know.
I do wish you nothing but good things ahead - my failures have lead to my greatest successes. I admire your creative thought process, but I would hate for you to be knocked down further.
I will gladly pass your information on to other real estate agents and investors in the Memphis market. At this time, I don't personally have any vacant rental properties. I think your offer is a great idea for both you and the investor!
Best of luck to you!
I would not leave anyone in a bind. I am a man of my word. I know that is lame these days but I am praying that someone who reads this will be willing to take a risk on me. I made a lot of money with Target. However I did not plan ahead... My fault... I am an excellent Project Manager/Superintendent and my wife has done many, many rehabs and renovations for Historic properties. We are a great team and worked together at Target as a team. We have to be out of the house we have been in since Dec. due to the owners needed to move back in. We had the same agreement with them that I am looking for now. I know they would only give total praise for the job we have done.
If anyone has any Investors who need ANY work done and done affordable, cheap :-) .... NOT cheaply done, please pass my info on. You can check out my LinkendIn site to see my many ref. and contacts. Or if you know of a house that is not expensive let me know too, please. We are living off of unemployment but have many moths left and hopefully a job will arise soon!
Either way, I wish each of you only a prosperous year in your business. Like Zig Zigler says "when we help others suceed, you then will become a sucess". I believe this with my whole heart.