I've had one deal like this but backed out after I found the kitchen roof had caved in.Tax auctions sound great on paper but you really need to know what you are doing.

In the middle of the each mirrored tray is a 6" recessed light.I have had a few friends came by to visit while I was doing a bunch of repairs and the comments I got as soon as they stepped into this area were:"wow...man cave""speakeasy?""

I hope to start expanding to include multi family units in the new year and would be delighted to hear of any advice, meet potential investment partners and share stories with others with the same interest. 

Rec room, home office, man cave, etc are all better (though necessarily compliant).

This has been very helpful and delightful to read. 

Especially the days when you discover that big capex like a roof being blow off (happened 2 years ago), some tweakers climbed up on the roof and gutted the A/C (did two of those in the last 12 months), an evap cooler leaked for so long that the drywall on the ceiling of the kids bedroom caved in (last year), the hot water heater blew a hose and a major leak went unnoticed for 10 hours flooding the hall, kitchen and living room (dealing with that now), the tenant smelled gas outside, the gas company came and shut off the gas because the underground pipe is corroded AND also discovered that the water heater is not venting properly so it got red tagged (just dealt with that last month) or the time the tenant "invited" a homeless guy over, he moved in, then called his other homeless buddy up and he parked his crappy RV with his entire family living in it in the driveway.

Yes, it really was that bad.I finally caved and contacted a local plumber who had performed over 15 conversions from Well/Septic to City/Sewer and ironed out a cash deal which cost me less than $6,500 all in.

IE its not uncommon for me to have my tenants miss 1 to 7 months of rent before I even look to see if they paid  :(  and when they call with an upset I always cave..

Especially if in reality the carpet has lived most of its useful life and its time to change them anyway...I totally get the desire to want to stand by your principles.....and I hate to cave to tenants since it also trains them to be a PITA to their next landlord.... but its s business and you have to pick your battles and move on

Do not cave to fear mongering.