We compromised and said, we will pay the excess water bill if the tenant continues to pay rent (mistake # 2).

We compromised and said, we will pay the excess water bill if the tenant continues to pay rent (mistake # 2).

The goal is that you get enough excess in rent to pay all of the expenses and leave you some leftover (the cash flow).  

@Dan Johnson - I never would have thought of the alert for excessive daily water usage - that's brilliant. 

So excess cash flow can be used this way.Other assets that have a basis, pretty much everything else, should be passed after your death.

FHA/PMI products), as we're only trying to put about 5% down to use the excess cash for rehab. 

Currently all my rents are in excess of 1% of acquisition costs with one being in excess of 4% of acquisition costs. 

And you can 1031 exchange into another property to defer any excess gain and completely avoid depreciation recapture. 

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. 

Second invoice had a description of Plumbing-Install New Shower Mixing Valve (Materials and labor included) charge $350.00.While I understand when things go out and need to be replaced etc. but this seems excessive for the same bathroom, Shouldn't they have had just one plumber do everything.