For the safety nets, which I thank Jon again for putting in the fore of the conversation, I have the cash on hand to pay off the mortgage on our joint property where my grandmother lives should the need ever arise.

Items 4, electrical issues with ungrounded wires and fire and safety hazard issues...need to be brought up to code before close of escrow.

A safety net is fine in a wealthy society.

I've never believed in the percentage they stun your income since there are too many variables as to what your actual expenses are, your job security, your age, your safety net, your reserves, etc. etc. etc.

He includes a classification of the deficiency stating whether it is a Maintenance issue, a Repair issue, or a Safety issue.

So guess there is just a safety factor for me because I know what the tenant will be like since I have rented in these areas myself.Some of the worst nightmare stories I've heard form long term investors I know (that favor SFR's now) are from 4-plex's they owned in bad parts of San Bernardino CA on blocks with mostly apartments.

Peter to reduce rental turnover you either have to have a place with the bottom 50% of asking rents for the area or really nice finishes so tenants will pay a premium and want to stay long term.You have to weigh getting that extra 50 to 100 a month being at the top of the rental market versus losing months of rent to evict and recondition.For that reason I do not like being at the top for rent rates in my market.I am not at the bottom but not at the top.For good tenants safety and the landlord fixing repairs in a timely manner is usually what is on the tenants mind when looking for a landlord.

So as far as safety, etc., that isn't a concern.

I have seen people get in and out of real estate investing on the first property.If you still want to go at it on your own then use this site and the folks on it as a safety net.

What's necessary (with regard to the tort of negligence) is Gross Negligence which is a wanton disregard for the safety and care of others.