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IIRC, they originally wanted to rent from us. Their current home is in the same town and they want their kids to got to their current school and be close to the schools and parks (or house is). I didn't like the idea originally, because they have a dog. I just don't want to deal with torn up yard, interior damage and smell when they move out later (or they don't excercise an option to buy). Even if I required 2 months security deposit, I just don't think I could ever get the house back to being "pre-renter with dog" condition.
We are not upside down on the house and the house can be refinanced by the right buyer, but lots of buyers are passing up the house for larger foreclosures at the same price or less. Good luck to them because the foreclosures always need more work than they think. Our house is in move in condition, yet we are having a heck of a time selling. So right now, renting may be a good option.
I don't want to give the impression that I won't evict or terminate a contract if it isn't working out. I will kick my own family out, but I just don't want nor have the time to deal with the paper work and run around. I am committed to my day job 12 hours a day most days, which means I have no time to do much else when I get home. So being a landlord will be stressing my time and patience.
So if they we have a solid contract with them, what could really go so wrong? I won't hesitate to evict if they don't uphold their end. As for the carpenter labor as part of the payment, I wouldn't do this without a specific contract with payment and expectation very well defined. As a project manajer, I wouldn't have it any other way.
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