When they can't afford their rent because the median income is only $31,000 it doesn't make it a good rental market just because there's a bunch of people renting out of absolute necessity.

. :) As much as I love Brandon's work usually, I'm actually with you on this one - being gun shy until you have a better strategy in place is probably a wise choice (in my book at least).I'd look into refinancing and also potentially rehabbing and selling to move on - maybe starting from scratch is the best that can be hoped for here, with a new, better informed and better formulated plan.Incidentally - are you landlording by choice or necessity?

I am a current landlord of a SFR ( by necessity) and looking to get into rehabs.

I'm not quite sure what I'll do when someone calls me, and I don't have much of a contract written out yet, but great things are born from necessity right?

Wouldn't usually include numbers but sort of a necessity on this one.

A professional making a few hundred k or more a year usually cares about having high quality assets that bring decent returns and tax write downs and wealth accumulation for retirement.A person that has say only 20,000 to their name and makes 40,000 a year might see things totally different because of tax bracket and ability to grow cash is much less with the income made after paying for necessities.

I know in some states you have to track interest and pay tenants interest that accrued while you held their security deposit so having separate accounts are almost a necessity I think for things like that.3.

Necessity is the mother of invention.  

Or is spending money to fix these things more of a necessity?

They had contacted us all by mail & as it was city employees doing the work it was going to take several months just for our little street.Our House was built in 1942 & we were constantly fighting tree roots that had infiltrated the old clay pipes so it was a necessity but the quote was $5000 for maybe 30 ft so while we were thinking about it a city employee drove his heavy equipment over both my & my neighbors lawns sinking in enough to completely rupture & destroy our old lines.