.: I do not understand doing rehab value adds in cheap markets.  

Cheap properties in Milwaukee are fools gold (especially for OOS investors, people literally will scoff at a rough listing and then someone will say: eh, someone from CA will buy it..)

Years ago we didn't require it and just recommended it to the tenant, but it's so cheap and gives our insurer something/someone to abrogate against should we have to make a claim that we don't allow it to be optional anymore. 

It's not cheap though, but if you have a lot of properties, it would be something worth looking into.

I was looking for something cheap, but nice at the same time. my real estate agent pulled through and found this property being sold off market.

Cheap homes for an area are cheap for a reason - low to no demand from local investors or owners. 

We found a cheap rental rehab home and and I'm trying to come up the best way to structure the operating agreement.  

It's very important to have a good PM and not go cheap or there's a high chance your rental will get poorly managed and you'll lose money in the long run. 

I'm cheap. 

But it is so cheap so who cares.