Whaaa, lets see some papers!"

Send a written notice (yes, paper) to the tenants with proof of delivery required (the postal carriers have this time to an art form; it's inexpensive and you get confirmation via email or receipt very quickly; it does not require the tenant to sign - it just confirms that the notice was delivered.A paying, respectful tenant is golden.

Here's a breakdown of both the risks and opportunities:Risks to ConsiderHigher Interest Rates: Financing is more expensive now, which can compress cash flow and make some deals less appealing on paper.

For example, if you are buying in an area that is in are 1980s and above, you might run into a roof that is tile and the paper under the tile needs to be replaced the day you close.

My net rental income was $300 to $500 a month, not enough to cover the mortgage payment (PITI) so I'm negative on what was supposed to cash flow on paper.

Ran into a bank in Texas who didn’t do construction loans due to the papers work.  6.  

On paper I am only expecting to lose $1,200 for the year (assuming no cap ex expenses since I renovated everything recently).

You can always brung a few gallons of water and run it through a toilet.

Quote from @Chris Seveney: @Luke H.I would be very skeptical of appraisal at $250k and buying it for $120k.On paper yes seems like not a bad deal but I wouldn’t do it because it’s five year term.

I have it contracted at 285. property is 3/1, with a unpermitted toilet in basement.