Even if the tenant can’t pay, it sets the expectation and documents the issue.Small Claims Court: If the tenant refuses to pay, you could take them to small claims court, where you can seek repayment without needing a lawyer.Security Deposit: If the tenant has a deposit, apply it toward the damages.Consider Eviction: Given the arrears and damage, eviction might be a last resort to prevent future losses.Talk with your property manager to create a plan that minimizes further risk.

This means no rental income or loss is reported for the current year, and the $3,000 can offset future rental income or gains.This post does not create a CPA-Client relationship.

I am a big advocate of home ownership, but in the situation you are describing (not knowing how soon you would leave), it might not make the most sense to buy a condo with restrictions or potential assessments in the future.

If the numbers work, it’s worth considering as a step toward your future home!

The contract I could find says the following:```...together with the right of ingress and egress at all times for the purpose of mining, drilling and exploring said land for oil, gas and other minerals, and removing the same therefrom.And said above described land being now under an oil and gas lease originally executed in favor of [Oil Company], Chicago and now held by [Oil Company] it is understood and agreed that this sale is made subject to said lease, but covers and includes of all the oil royalty and gas rental or royalty due and to be paid under the terms of said lease.It is agreed and understood that of the money rentals which may be paid to extend the term within which a well may be begun under the term of said lease is to be paid to the said [purchaser], and in the event that the said above described lease for any reason becomes cancelled or forfeited, then and in that event, the lease interest and all future rental on said land, for oil, gas and mineral privileges shall be owned jointly by [owner] and wife and [purchaser] each owning & interest in all oil, gas and other mineral in and upon said land, together with interest in all future rente.This sale is made for and in consideration of the sum of Ten Dollars, cash in hand paid, the receipt of which is hereby acknowledged.To have and to hold the above described property, together with all and singular the rights and appurtenances thereto in anywise belonging unto the said [owner] heirs and assigns forever, and we do hereby bind ourselves, heirs, executors and administrator to warrant and forever defend all and singular the said property unto the said [purchaser] heir and assignee against every person whomsoever lawfully claiming or to claim the same or any part thereof

If you're looking to invest in Jerome Village, definitely factor this future charge into your cash flow calculations and maybe have your CPA take a look at the exact language in the Declaration. 

(Google Fed Futures and click on the CME Group tracker).

I'm not seeing rates going much lower than 5% in the near future.

However, from the stories I've heard it so far, sounds like it can lead me to the life I want for my future if I play my cards right.

You might also consider talking to the tenant about shifting the rent due date to the first of the month to avoid future confusion and align with typical forward-paying leases.