My properties were all bought at reasonable valuations that generate not only high current income after ALL expenses (including the most aggressive tax depreciation that makes sense from a cost benefit standpoint), but also vastly superior long term underlying appreciation potential over properties purchased at nose bleed valuation levels "in the hope" that the great fool theory will always be present to make it right.

This bleed into the idea that my wife and I had been discussing extending the rear of the house (about 400 sqft) in the future so it came up in conversation and I was told diong it all now, in the financing, would work. 

I wouldn't worry about getting sued just stop the bleeding and move on.

This takes time and cash cash and only then the rent raises after the curent tenants move out or you push them out, then vacancy and no income while you bleed cash doing remodels.Not raining on this deal.  

The other lesson was stop the bleeding quickly, adjust your strategy and move on.

I think a slow bleed from inflation like the 70s (just not as bad) seems more likely.

Not like you can miss that much damage especially if they have properties themselves. 24 hour notice go inside and verify.. also 550 rent is not enough gross income to sustain a SFR you will lose money on this deal over time it will be a slow bleed.

In many locations $35,000 might start you out, in others more.For instance you could "move in with your parents and pocket 100% of your take home pay for a year".You need 20% of the price, plus closing costs, plus some cash reserves, a credit score acceptable to a lender and a lender pre-approval to buy a rental.You need to know how to choose a rental where you will not be upside down = bleeding cash to own it.If you buy a duplex and live in it, there are FHA loans for 3.5% down.If you buy a SFH and live in it for (I think) 1 year, it's also 3.5% down.The downside to the 3.5% loans is you must pay monthly mortgage insurance, meaning you have to be very selective in your purchase price vs rent due to paying the extra fee every month.You could also join the military and when you get out use 0% down veteran financing to start out.Good Luck!

You want to cover up the smoke smell so it doesn't bleed back through.

And this is in supposedly bleeding-heart Pennsylvania.Trail cameras are great.