What you are doing is gambling with your future.

For me it was a gamble to get the licensing, I was getting a divorce and didn't have extra cash - I put everything on a credit card.

The tenant originally stated he had gambling issues and today when he called he said he had money invested in the USA stock market which 'is taking a long time to clear' this seems like an unlikely story and another ploy to extend the eviction process.

I would never have rented to her for many reasons, primarily because I have no reason to gamble on high risk tenants.Be very careful in the future as you are likely only going to get that lucky once in your life as a landlord, don't let this success story influence your future tenant selection. 9 times in 10 a landlord would have been seriously burned by this type of tenant. 

I won't gamble it and always use an attorney.

Hi Friends and Colleagues,Looking for some advice on the following property:Physical and Market Characteristics: small farm house, unique in desirable area, long DOM for sale short DOM for rental due to schools.  

(they should be basing it more on cap rate than home characteristics.)Does she have any investments? 

With  four units and total monthly rent a bit above $2K, this property is one that has characteristics that follow the "2% rule"; so the quick check based on that "rule" would be to pay no more than 50 times the total monthly rent.Of course, given that this is just a rule of thumb, you don't have to abide by it.

@Alli Issa  some property is just functionally and socially obsolete... it appears that area is that way.unless there is some massive effort by the city to pump money into the area to change those characteristics then in my mind its extremely risky . work on something else.. even for free those are not deals.

To Michael, i did the research within the complex, with similar characteristics.