Much of this is loan underwriting and it can identify a quality note.Today, you should turn over any note you buy to a mortgage servicer, for about $300 +/- a year you'll avoid tons of regulatory issues, tax filings, notices required and collections with a performing note.

If you can't figure it out, then you have to pay for it, split the cost between the tenants, or split the cost between yourself and the tenants.It's good to understand this issue and have a policy in place before it happens.

That's how security issues gets fixed.

And this does not include the real world issues, namely are you even allowed to convert this property to a four-unit and taking a single family to 4 unit is very likely going to cost more than $110k (but this depends on the actual layout and work scope).

Rental market is amazing and you will not have any issues finding tenants for your properties and the price points to purchase are definitely enticing.

@Sidra Amir I have a needy tenant that comments on EVERYTHING we do at the property from small maintenance issues to having large pieces of equipment onsite for projects.

To me they need to issue those  There are different reasons or situations when a deal “goes south”.  

@Benoy Varghese When I take over a property I send a letter to the existing tenants introducing myself and telling them where to send rent and provide the necessary information regarding my policy for dealing with maintenance issues.

Capex and tenant issues tend to exceed cash flow and when you decide to exit after a couple of painful years, you are in for another surprise:It is shockingly hard to sell cheap homes! 

Clark County which encompasses the rest has a lottery and is in the “process” of issuing licenses, although last we know there have been 4 issued.