Fundamentally I would like to be able to trust the people I'm dealing with where a contract isn't needed and it all works out. I don't have a lot of faith in a contract really satisfying any of my needs. I feel a contract with its specifics and each sides personal interpretation can distract from disputer resolution.
Squatters are my biggest fear. I feel it is a justified fear. I also am happy to offer anyone a lease that requests one. I don't want to mindlessly use one.
Live and learn they say:)
I appreciate the sentiment, but your tenants might have rights that you don't know about. These may vary depending on your locale, and may include restrictions on evictions of tenants who don't have written leases.
This was the document I used to shape my thinking and since I have more than 5 units (8 units total) I'm inspected by my town officials every 2 years to assure the livability.
I see the whole relationship as reciprocal and hope to avoid evictions. I do no credit checks and I do my own internet research. I place a lot of value on the personal interactions and so far I have had good fortune.
Squatters are my biggest fear. I feel it is a justified fear. I also am happy to offer anyone a lease that requests one. I don't want to mindlessly use one. Live and learn they say:)