If It's vacant, this is probably 1 or more of 4 things: 1. water theft2. squatters3. leaking toilet/faucet that was left on by a perspective tenant viewing the property.4.

It sounds like a great deal, because it would a company actually leasing the home (I'd imagine very stable from that perspective).

I sure do appreciate hearing other perspectives from all the creative minds on this forum so thank you in advance!

But from a federal 1031 compliance perspective the tax payer is remaining consistent.  

I am curious to hear the perspective of property management from accountants point of view. 

Finally, from a lender's perspective, lowering the LTV percentage increases the DSCR (Debt-Service Coverage Ratio).Manage WellIf things get scary, do NOT stop implementing your preventive maintenance plan, as that can lead to a downward spiral.

@Ryan BlakeI may sound like an idiot, but always like other investors perspectives.

Tenants like this know the system and will take absolute advantage of all future landlords who do not know how to properly vet perspective tenants. 

Think about it from their perspective: if they are an experienced investor, they've seen many "new investors" come and go.

Your personal experience and perspective is real - not just based on what one reads, I am grateful to you for sharing.