I do agree that a tub is not a necessity, as i mentioned before, the only tenants that take baths are ones that are bathing their children.  

This strategy negated the necessity of a high cost/ complete foreclosure per se.

But then accessing the rental equity through a cash out refinance of some sort creates new debt obligation and cost; some business necessity for accessing the equity such as if accessing the equity to make other acquisitions may make more sense than just paranoia of risk exposure.

Let me know if I can help you with anything.Disclosure: Founder of LeadPropeller :)As more and more sellers are going online to find out more about the investors sending them mail, it's becoming more of a necessity to be there to be found. 

Lease agreement is a necessity. 

"Life is not worth living if we exercise our profession only for the sake of material success and do not find in our calling an inner necessity and a meaning that transcends the mere earning of money, a meaning that gives our life dignity and strength."

Once I get rid of the truck and camper and start acquiring more properties I could definitely see the necessity for a property manager.

So why do I need to use PM company that don't understand the basic necessity of good accounting software ? 

Also on-site washer/dryer is a necessity. 

If it is to be a flip, then having equity is a necessity.