When someone finds out you are lying, it wrecks your credibility.

If you spend the $800 and it gets wrecked in a year or 2, you'll have your answer.  

Instead of worrying about asset protection, he picked up an umbrella policy that adequately insured his properties.Unfortunately, his son (teen) was drunk driving and got in a wreck.

Could pull as much as $8K from credit cards, but was concerned that would wreck my credit score.   

Tell them you're going to gut the property completely renovating for a future sale.That should shut them up.If they question you tell them firmly it's none of their business why you wanna do it.Follow the law to the letter and make sure you are helpful to them finding a new place by cooperating with answering the potential new landlords questions.This will keep them from wrecking your place while walking out the door.

This property was a WRECK!!

Two weeks prior to auction, this house looked like a wreck from the street.

I wanted to share about my first rental property that I closed on last September 2015.I was VERY scared if losing money but I was more scared of not taking action.......Working with "estimate" numbers for the first time can be so nerve wrecking and can most certainly cause analysis paralysis but here's what I did..First, I got a qualification for an FHA loan.Got approved for $220,000 so only then did I start narrowing down which neighborhoods I could get into.Since the inventory was extremely and IS still low and prices high I had to go to a D neighborhood.This made me very scared, especially because where I could actually afford and where there were Multi families available were at least an hour away....but again.....more scared of not taking action....I found a 3 family and waited to hear from loan officer how much my monthly payments would be.Once I found that out, I went on to rentometer.com to see how much market rents go in that area.I then tried to come up with all other expenses which wereWater-Public Utility (Hallway lights)Future ExpensesI put all those together and seemed like the numbers worked so I went for it and CLOSED.

If you only have 5% into an investment and tenants wreck the place it's easy for an investor to walk away.

If you already have them, you should have a deposit for covering damage, and you may have some clause in your lease to give them the boot for causing trouble or purposely wrecking stuff.