This tells me that submetering might drive all tenants out (almost all units on the rent roll are $25-125 below average rents, including the competition) and that even if I underprice the competition by $25-$40 or so, I'll likely loose to them (as the winter heating bill will easily eat that up. 

The thing is, I don't want to loose a month's rent and even though by law her actions will make her liable for damages (lost rent) and lawyer fees. 

The smart kid who doesn't want to loose all of his hard earned marbles has to play somewhere else.

True, you will end up loosing some properties that you could have offer more and still be good deals...but that's the game.

Additionally, you loose control over the quality and aesthetics of any repair or upgrade.With a lease - option, the tenant is a tenant until s/he/they exercise the option and place a downpayment.

So a leaking toilet looses a few thousand gallons in a month.

Not to say you can't loose it all on one deal, I just know when done right this business is very rewarding.I'm including a link to my latest flip I purchased this home for less than 50% of the contracted sale price.  

Birmingham cash flow with appreciation potential (B and B+) neighborhoods with strong opportunities for investors (loosely ranked) are Pinson, Gardendale, Trussvile, parts of Hoover, Leeds and Crestwood.  

I get so wrapped up in the number and the ritualism of working the deal that I loose sight of what we are doing all this work for and believing that we are all on the same team, to some degree.

The same can be said of the RE Broker, they will loose interest in you without getting a listing or representing you as a buyers agent.