Was he talking to you from his Cayman bank? 

And is it a wash?

"Was he even licensed?"

They have washed their hands of the property, forever.

Obviously, you have to have equity to take cash out, so the cash coming out is really your cash; so that is a paper wash. 

I've never owned before so it is a learning curve, but the cash on cash return is so far phenomenal considering I just stop by every morning to check on the attendant, the store, and meet with customers.My plans are to give the whole place a facelift, set up a wash dry fold service, and provide some newer machines, all purchased with the revenue from the laundromat.Currently it grosses about 250k per year with a net of 80k.

Other facts: Only (6) washing machines in the entire building.

Grease dirt and smears will be washed clean.

At the end of the day If they are going to trash the place another few hundred isn’t going to really help much and there’s an opportunity loss by letting rentals sit without a good qualified tenant so it’s a wash in my market .

The question: What are the best ways to water proof the house especially against major damage from water heater, fridge, dish washer, washing machine, plumbing leaks?