Im hoping I can get enough rental income on the first year to cover all expenses including mortgage, cap ex, repairs, vacancy, and hopefully I can wiggle in management for the convenience of properly screening of quality tenants.

I would not reduce rent for this because (a) it's not free to you, and (b) it's convenient to the tenants and has value to them.

If the later, seems like it makes notes much more of a gamble, since you don't really know what exit options are on or off the table.

Race favoritism works both ways - it's not racist, that definition is always used incorrectly, so I don't even use the word anymore, most idiots have forgotten the meaning, it's just a convenient term to throw around ....

Does the city have impact fees, is there a lot of clearing and excavation work, soil conditions, engineering, are utilities convenient, plans, surveys, etc, etc.  

I like that it's convenient and they do a lot of the leg work such as tenant placement, working with section 8, repairs and maintenance, increasing rents after lease expires, evictions, etc.

The investor has a clock ticking on costs whereas in the case of the homeowner client, they only want the speed out of convenience to "bring their toothbrush" moreover than worrying about holding costs so this penalty/bonus works much better with flipper clients.Where were you when I needed a good contractor Bruce?!

I agree with the no to the boat and while I am usually fine with tenants finding significant others and moving them in (as long as the occupancy numbers are safe), this one sounds like a gambling debt coming in hot after a night in Vegas.

Property seizure is a good way to gamble with loosing your rental to pay a judgment.Failure to comply with the eviction statutes will, at some point, cost you big time. 

This is one of the first things I recommend to my my clients when they buy multifamily buildings but haven't really found a convenience solution for metering.