I am contemplating on a business idea where I look for apartments that cannot get themselves rented out for sometime. I agree with the unit owner that I will rent the apartment for a fraction of the cost, long term, I will take care of furnishing and improving the unit (provided the contract is for 5 years) and get it rented out accordingly.
The idea is, the harder it is to rent out the unit, the lower I will pay for its rent. The owner does not have to worry about it getting rented out anymore, I will have to pay him rent every month whether I have a tenant renting the unit or not.
Its called subleasing.... You need a contract for this... to protect your assets... Eventually you'll be spending lots of money in the repair/ improvements...
Also you should make a contract to your subleasee/ tenants..
Have a business permit... provided by the ff req:
barangay permit, sanitation, workers permit(you), municipal etc...
Make a deposit voucher for refundables... Like Rental Deposits, Electricity Deposits, H2o Deposit... You wouldnt want to pay tax, on cash that you will return to tenants when they leave...
Use an official reciept on Room or Appartment rentals only... Dont issue official reciept on bills... the bill payment are not your profits... just use a notebook for this...
Anyway.. advertise on as-is basis... so you would not be liable on tenant request.. especially those that are not practical...
When paying taxes, make sure everything you buy, spend on labor, is noted, so that it would be considered as expenses...
Having registered business is a must... especially when you deal with hard to evict tenants... the law applies to them properly...
there a book on rental law, buy them...
make sheets, on promissory notes... you might need the notarized if the times comes to hard eviction.

clayfigur@yahoo.com