My first property was purchased in July 2015, a full renovation was complete at end of October, and tenants just moved in this December.

When underwriting a deal, what are some hard rules you go by when determining variable expense percentages so you do not have a tendency to "play with the numbers" to make a property cashflow?

Unless values go down or market gets worse and you can't sell or refi at end of 3 years.

I will change out the locks but I heard he has a tendency of re-entering through the windows.Is it possible for me to draft a document that he signs stating that he no longer lives there?

Airbnb does not require a w9 form but sends a statement at end of year.  

WE send out a lease renewal form,15 days prior to end of lease notice period so if 60 notice period we send out 75 days about 2 weeks early, listing the date of new lease to start with choice of 12 mo, at xxx rate, 6 mo at xxx rate and month to month at xxx rate or a line that says they are not renewing and  giving notice to vacate at end of the current lease, This has to be turned in prior to the end of the 60 day notice period.. 

I found an off market property in Lamorinda (East Bay's Lafayette, Moraga, Orinda) on beautiful 4+ acres in prime location close to downtown/shopping, 3000+ sq ft, with views, and located at end of cul de sac. 

This is a tough market to be a buyer which means less deals get done.Avondale, Gilbert, queen creek, peoria, cave creek have the strongest drop in CMI (most weakening markets)Market is weakening because supply is finally coming up in those areas“We want demand to stay high and supply come up to meet it” = lots of sales, still a strong market“We like weaker seller markets”Closed SalesClosed sales are in the past, supply and demand tells us where we are goingSales Price vs List Price should come down due to weakening signsIf you look at closed sales measures, we are still a frenzy (homes are still selling OVER list price)Overall 22% annual appreciation rate, 54% closing over list price, still selling at 101.9% of list price3 things you look for in a changing market:Price reductions – started 3 months agoDays on Market going up – started 2 weeks agoIncrease in Concessions – not moved yetConcessionsAlways spike at end of month (before COE)But hasn’t moved yet; should see this rise before market really changesAppreciationMedian sale price ($480,000) went up 2.1% over last month (still strong); up 22.3% over May 2021 ($392,500)Thus, prices are still rising.However, appreciation per s/f has already flattened month over month at $306.11/sf.

There is a tendency to measure by number of doors or income, but we are all here for different reasons and I think it’s safe to assume the the things that motivate us to be landlords and what we ultimately want from it vary from person to person.

Let's follow the money:The Money                        Event                    Net Income/Expense1 - $50k                      In from the start                - $50,000 2 - $4800k out            At end of year 1                - $45,2003 - $4800k out            At end of year 2                - $40,400..11 - $4800 x 8            At end of year 10             - $  2,000 ...10 years later your still behind            ... .or, you can refinance after 1 year (I can after 6 months) and...