CAPEX doesn't occur on a predictable schedule.What I have observed over time is that CAPEX is unpredictable.

From my observation, a great manager has 3 skills that are imperative:1.

Attention new investors: As I’ve immersed myself in the BiggerPockets forums, I’ve observed an extreme emphasis placed on asset protection by those entering the business but their approach and where they decide to allocate their time and resources is misplaced.

The Supreme Court said that it had to observe the Civil Rights Act and serve blacks, because its customers were in interstate commerce and therefore failing to serve them had a chilling effect on interstate commerce that Congress could regulate.I'll let people older than me tell us about the Green Book to show that the Supreme Court got that decision right.The point is that national rent control IS doable.

Leading up to the deed in lieu, we performed our own site visits and the conditions we observed do not align with the information in the inspection reports.

Couple of observations here from my perspective:-I would have gotten the "old tenants" to sign a vacate agreement wherein the agree that they are not entitled to pro-rated rent for remainder of that last month. 

Otherwise, it would depend on the maintenance requests and what is observed during them.2) Require them in writing, so you can track them!

A more general observation on this topic, intended for you and any future readers - find out from the agency that has control over this area exactly what it takes to LOSE grandfathered status.

It is indeed difficult to achieve good appreciation in most markets I've observed.

Based on what I have observed, I do a thorough screening, and still I have had one or two slip through the cracks over the years.