Higher Costs for Distressed PropertiesTo comply with the new regulations, flippers will need to rely on licensed contractors for repairs, who typically charge higher fees than non-licensed labor.

That approach seems like it would reduce the chance of deals falling through, and I can understand why it would be standard practice.

Is that standard practice to have to do this, or am I missing a trick or a different loan type similar to a HELOC? 

Some states allow an eviction for repeated violations of a rental agreement.It is also not a good practice to wait to long to raise rent to market rates. 

I would imagine that once you set up a payment plan with them, they will turn on the water for the plumbers to do what they need to do.Not sure on the regulations on this but Id also see taking the tenant to court for the balance due on the water bill.Best of luck!

I bet that translates into other good practices, like fast response times when people reach out to you.

And if so, this sounds like the most hypocritical practice, we require but don't provide rental verification. 

Regulation and guest avatar varies in each but could be a good place to start searching.1) Waco, Texas2) Columbia, SC3) Columbus, Georgia4) Alabama markets5) Branson, Missouri6) Fort Smith, Arkansas (several in Arkansas, actually)7) Temple, Bastrop, or Brenham, Texas8) Shreveport, Louisiana9) Harrisburg, Virginia

I absolutely collected first, last and security for my class-C rentals until NYS prohibited that practice back in 2019.Many tenants cannot manage their money properly, so this mitigates the issue of not being paid last month's rent when they need to move and the new landlord is receiving those funds they have allocated for their housing during the last month of their stay.This was also helpful to me to pre-screen who has their financial house in order and had saved for their moving costs as part of their planning.If I still could, I most definitely would - without exception.

Hi Kailas - Yes, you can typically rent out the main house and the ADU to separate tenants on separate leases (so long as you're compliant with city regulations/restrictions).