Did the son in one of your 4 units declare bankruptcy?

Great job for taking the leap.

If these type of damages occur in the future, I would recommend holding the tenants deposit, or if there is a claim to be made through the insurance you sell them you could approach that avenue.

These are pics from the build wealth summit the tickets  were 8 dollars in Vegas. 

Both properties have a substantial amount of equity that’s essentially sitting idle.Would it be a good idea to tap into this equity (through a HELOC, cash-out refinance, etc.) to fund future fix-and-flip projects or purchase additional rental properties?

Really your advantage is using your legal prowess to better appraise future deals. 

Hi Marshal, welcome to the community!

The rules are pretty complicated and the only people who really know all the terms and rules thoroughly are the Rent Levelling Board.Caveating that I’m not an attorney so go seek your own advice but I clarified a few things at a recent rent levelling hearing (which are open to the public and you can find the schedules with a simple Google).

Normally, we would say no and wait until the end of the lease but due to the situation and hardships we would inspect for pets and pet damages.

Signing the lease demonstrates they agree to the terms and then you can hold them accountable.If you don't do this, then the person named on the lease and paying the rent could disappear and you would have no legal authority to charge the remaining three for unpaid rent.