Either way, I like the way you think, and I can implement some of that.

We Have a fair enough of amount of concept knowledge; however we are looking for our first place of implementation.

Mainly, the systems implemented are fascinating (VA, automated offers, etc.)

I’ve heard rumours they’re trying to implement that in the future, which would be unbelievable but not shocking.

Then when there were a significant loss and the association didn't have enough reserve fund(s) to cover the loss (or deductible) they would be forced to implement an assessment meaning that every unit owner would be assessed whatever their % of the deficit.

But I like your general scheme, I will implement as much of that as I can.

We, as RE professionals can limit exposure for ourselves and our clients by implementing prudent due diligence on tenants; by ensuring our tenants are properly licensed, operating within the law and keeping their operations to code the changes of the DEA / DOJ seizing assets is (in my opinion) next to zero.

Also, if you have tenants in place, you'll have to wait until your leases roll over to implement this charge; however, I would think you'd have to do the same if you sub-metered and wanted them to start paying for their own water.

Current rents: you can glean this information through online sources as well as old-school searching (walk-ins, calling the buildings)Talk to local brokers to get the inside scoopMarket analysisCheck to see if building is in a flood plainYou can ask for, but these items are usually provided after signing a contract: Leases for lease auditing against bank statements, tax returns and leases (usually not provided before a contract has been signed).Tenant payment historyViolations, delinquenciesLease addendum and/or other agreementsTax ReturnsBank StatementsUtility billsCan RUBS be implemented (some municipalities may not allow it)Service contractsReserve fundsEnvironmental assessmentEmployee recordsStructural issues including foundationEmployee historyOther value-add features that can be added include:Trash valetCar portsStorageDog parksTo be honest, a similar level of due diligence is required across multifamily and manufactured housing (mobile home parks).Best of luck!

Am generally not a fan of inheriting tenants and if I do, I prefer that my lease be implemented, but clearl y that is not always realistic.Thank you though for this suggestion and I am going to try to see if working it from your suggested angle will work here in Colorado.In the end, I want to set up a lease that does not have holes, that an attorney, God forbid we ever have to evict (though these tenants do not seem like the type to cause any issues and I generally am a good landlord and stay away as long as you are following policy, so thus having a detailed lease that covers most all and then just backing off.My inspections are generally once a year, outside of the move-in, move out.I also stay very engaged in the running of my property, thus self-managing as in the end, I strive to provide a place I would enjoy living and I actually live on one of my properties.Long story short, don’t care for the very vague lease that the current property management company has running.Additionally I have little confidence in the way they were managing the property.The property has so much potential but has clear signs of neglect and I intend to change that as I never simply abandon my properties.On the question of current lease, I have combed through it repeatedly and do not see any mention of what happens at lease expiration only what happens when tenants are seeking to terminate their lease, “30-day written notice required”.No stipulation on what is required of landlord at end of lease and/or automatic renewal, both items that I cover in my lease and another reason, why am not a big fan of the existing lease.Leaves out a lot.I prefer having systems in place where there is little chance of misunderstanding, so thus the nerves on this one, but I will get through, thanks to you all for all your great advice!