Burke smoking?

--All applicants pay for Credit and Background CheckNo Past EvictionsCredit Score 680+Income >3x Rent ($4500 gross monthly)Pets are allowed on a case-by-case basisPets $250 Non-Refundable Fee and $20/month per pet (Limit 2)No Dangerous Dog Breeds or Mixes with Dangerous Dog BreedsNo Smoking on property

Either your thoughts on the market value are off, they are hurting for money (therefore check the quality closely of these units in process), or there's little chance of getting these at $200k lower than market value unless these folks are smoking something.Last thought:  you'll want to talk to an insurance broker who does commercial policies in my opinion. 

I only discuss things once with the tenant and if there are any further repeated issues I go straight to the section 8 advocate for that tenant.Make sure you have clearly stated rules in to your lease - tenant changes smoke alarms batteries, no pulling down smoke detectors, dogs on leash, no unauthorized overnight stays more that three days, where to park, etc...Finally, any rules for the section 8 tenant must be enforced for all tenants.

Wisconsin Legal Blank is the best source----Lease, rules & regs, Addendum to non-standard rental provisions, lead based paint disclosure, lead booklet, smoke detectors addendum, carbon monoxide detector addendum, bedbug addendum, mold addendum, check-in check-out form.

Apartment was great only downside was that there was a slight smoke smell.

This person has told me they smoke meth and is paranoid that his car is going to get stolen and all the neighbors "watch him".

Architecture diagrams with wiring, plumbing, smoke and fire all provided yet the permits are still being reviewed. 

So here are pros and cons of managing yourself.Pros:  you keep all profits (except 3% to credit card company), get to know guests, create a rapport with regular guests, make it personalized and memorable for your guests (my housekeeping staff was great and would leave flowers for anniversaries and balloons for bdays)Cons: Phone calls late at night sometimes, dealing with guests who are nasty and ignore your rules (ie no pets/no smoking, but it's nice having damage waiver in place), trial and error finding right housekeeping/maintenance/HVAC/plumbing people.Going with a property management company pros and cons:Pros:  they deal with all the issues and reservations callsCons: they may not be as attentive to your property as you would be and don't follow through with rules of no pets/no smoking.

I recently picked up my first rental property and got a smoking deal on the home.