The other option is they notify you they intend to move out and you can start fresh with a new renter.Tip: I recommend giving them written notice with a deadline. 15 days should be plenty of time for them to think about it and decide.

Purchase price: $125,000 Cash invested: $45,000 Sale price: $125,000 Fresh out of university, my buddy and I bought a condo in Pensacola, FL in 2005 What made you interested in investing in this type of deal?

He has quite a bit of experience in buying and selling real estate himself as well so he should have some professional/personal insight.Also at this stage we are having them uncover the tank to ensure it is still there and at least start assessing the condition.

On my end - I've heard that some of the easiest (and potentially cheapest) tricks could be:- applying a fresh coat of paint on the exterior / interior living room spaces of the home- refurnishing doors / door knobs - updating the lighting of bathrooms or kitchen area light fixtures- bathroom refurbishment- curb appeal / clearing out excess weeds/trees/shrubbery.I've also heard of situations where the home owner would either offer to build, or provide a backyard shed for the tenant as additional storage space, charging an extra $100-$150 per month if the tenant wanted to use it. 

As you mentioned you are fresh out of school with limited savings but as an owner occupied rental property owner you can qualify for lower down payment requirements (somewhere between 3.50% - 5%) and the Bank will take into account the anticipated rental income as part of your income so you will most likely be able to afford more than you think.  

That doesn't exactly answer your question, but it is information that I recently uncovered and found interesting.

Of course, I am in California, but I save tens of thousands of dollars over a 10-year period because now I don't have to pay for water, pay a gardener, or pay thousands of dollars to remove trees.The next thing we do is we usually paint the entire outside of the apartment building to make the place look fresh and then you won't have to paint it again for 20+ years.

They can uncover many of the hidden items your eyes cant see.

If it does need a re-pipe, and new electrical wiring, then expect to gut to studs, patching swiss cheese is more labor intensive so it is better to gut and start fresh. 3.

Really best to get rid of it and start fresh, not that expensive....