Here is what they consider “turnkey”:- The stairs to the basement and front porch were deteriorating and hazardous.-- The carpet was nasty and walls unpainted and chipping.- The bathroom flooring was covered in mold and needed to be replaced.- The kitchen sink was unsecured and fell into the kitchen cabinet.- My insurance was cancelled until I fixed roof issues.- Debris littered the recently occupied unit, the basement, and all over the back yard.As mentioned, we had an initial video walk through before the contract to purchase.

However, the reality is that a tenant can break their lease at any time by just not paying and the owner will lose that income; so a lease is just a false sense of safety. 

My only concern with renting it out room by room in Philadelphia is my safety as my roommates could be psychopaths.

The insurance company says it’s too much of a fire hazard.

Money left over should be placed in reserves until you have an appropriate safety net for your particular portfolio.

It's so nice to have that safety net.

Hey Lenny,Love to see that you also got the Real Estate bug so youngI recommend a BRRRR/house-hack for your first oneBuy a place that you can live in with a low downpayment, fix it up, and then you will have the option to 1) Refinance and live in it2) Refinance and rent it out3) Sell and do it over again4) Dont refinance and continue to live in it5) Dont refinance and rent it outYou will have a ton of flexibility and the safety of knowing you have a place to livePlease reach out via DM if you have any questions moving forward.

I know that my *least profitable* "door" right now nets $518.51 every month (I just checked), and that's a number I'm satisfied with relative to the amount of work I'd have to do to improve it, and I'd hazard most people who are door collectors aren't making anywhere near that kind of money on probably their best units.  

We have not disabled ours or converted to gas, but Tenant must sign a Fireplace Addendum stating if they use it, we require a higher renter's liability policy with us as additional insured, rules on wood, storage, use, safety, they pay for yearly professional cleaning each year they are there, etc.  

Thankfully I have no property in NY.I loved this quote which shows just how clueless people are about housing issues:“Housing instability is at the root of so many problems facing our city, such as exacerbating homelessness and hunger, failing to meet our children’s educational needs, and undermining public safety,” said the CWTU in a statement.