They’re asset-based, meaning the loan is secured by the property itself, and they often have quicker approval times but higher interest rates (think 10–15%) and fees.

Think of all the things that could go wrong and see if the lease addresses them: unauthorized pets or tenants, early termination, security deposit, lease violations, late rent, eviction, lawn maintenance, parking, etc.5.

Security systems are easily outsmarted, that’s the point of the initial visit, to case the joint. 

Here security deposit and most of the first month's rent are supposed to be paid by NJ Victims of Crimes.Fast forward now:- she did not pay her rent of January.

Focus on key areas first (like floors, walls, kitchen, or bathroom), which may help you handle the costs more gradually, even if it means moving in furniture or updating fixtures down the line.Also, since the tenant left it in rough shape, be sure to document all the damage (photos, receipts) in case you decide to pursue reimbursement through their security deposit or in court.

Nothing you mention is "ordinary" and you should charge for all of it. dodged a bullet there thats a very good price take it from the security deposit and call yourself lucky. 

This deal, i used my first successful buy and hold property and pulled a HELOC to secure financing and reserves.

Not likely.Maybe some of the tenant acquired their own washers and are using them for cleaning but your dryer for drying.Get a security camera and mount it in the area and post signs saying the same.

Many experienced mentors in this group can help guide you in the right direction.I highly recommend saving as much as possible and setting aside a hedge fund for financial security.

Here are some key elements to include:Lease Agreements: Ensure your contracts reflect the latest laws, such as notice periods for entry or rules around security deposits.Fair Housing Compliance: Familiarize yourself with federal, state, and local fair housing laws to avoid discriminatory practices.Property Standards: Regularly inspect your properties to ensure they meet safety and habitability standards.Tax Documentation: Keep accurate records to comply with tax reporting requirements.4.