With the market in my area (Ann Arbor Michigan) softening up, I'm afraid that I won't see that cash.  

Some say the market is softening, so I guess we'll see. 

Tenants will need to do things like replace furnace filters and keep the water softener filled with salt, etc.

Waiting out the lease isn't always in your best interest, especially if you think the market is softening.

Unfortunately, the furnace, water heater, and water softener are all in the basement so there is likely damage to those units.

As an investor I know that this is just the time to buy since home owners are getting a little worried and the market softens.  

(To soften the protests of the purists, we can even document the assignment of the ownership rights and responsibilities to the LLC via an LLC resolution.)So why would NOT the LLC report this property on the partnership return now?

Also, be careful when folks try to pitch you some of the more distant inland communities because while they may sound attractive with retail pricing, they aren't necessarily the best locations and will feel the pinch first in a softening market.

I’d invite them over to my personal residence for eggnog and gingerbread cookies while the Andy Williams Christmas album was playing to soften the mood and help them get into the spirit .

Conversely they can soften easier with changes to the market.