@Joshua Dorkin and @Brandon Turner might say there is some problem with the site, but I suspect your trouble just stems from being new since you were able to create this topic.

Yes I get that your tenant is paying that, but by the same token, you see money slip through your fingers like dry sand on it's way to the bank.

Need some minor refinishingFurnace and water tanks all replaced in the last 3 years.Stair case to the attic need some dry wall work.New Ac upstairs unitI'm thinking 2000 to refinish the floor and repair the wall.

Recently I'd been told that cast iron waste pipes tend to crack when they are not used for quite a while, so don't be surprised if the camera inspection shows that to be the case.The good thing in regards to this (which having cast iron "dry out" makes sense) is that someone has been living here the entire time so hopefully cracked pipes will not be the case. 

Sweat equity has an implied price is an excessive contribution, as is using your after-tax money to pay bills if your plan runs dry.

A colleague of mine retired as Maintenance manager from an Industrial complex & was bored.He also owned a large warehouse that was bleeding him dry with transient tenants so we all sat around one night tossing out ideas & he decide to approach a couple of the local community colleges.

In your case they told you to just use last months rent for the month that they rolled into, which leaves you high and dry for a security deposit since you have to use it for the mortgage and not the fixes!

Further, and I think this happens often with newer note investors, the lens being used in an idea of poor property condition stems from trying to treat Note Investing like Real Property Investing.  

Doing an 80% 1st with a 2nd on top of it was a very common practice before 2008 but dried up with the mortgage crisis.

Still a valuable dry run for all out of state investing bpers.