Hi guys,My tenants has been living in the house for over 4 years now wants to upgrade the carpets, install new blinds and repaint a few rooms.She offered to pay for all of it as there is technically no reason to change all of this at this time.

My professional background consists of 20 years in the mortgage lending industry.

Background: I'm looking to buy my first multi-family rental property, a spacious two family home caught my eye in Rhode Island for about $180,000-$190,000, which should be able to get $3000 in rent a month, it needs a bit of work but is in a great location with upside.

Hey Nathanael Cotterell I heard there's a big bubble in the GTA and folks are making $200-300k on high end flips with a turn around of a matter of days to weeks.Curious as to why you're not focusing on that market while the boom lasts given your background...

However, the other doctor hasnt moved in yet and his lease will execute in November so technically, we still occupy more than 51%.  

We will be raising the rents and each tenant will have to go through our background checks and what not.

Capital gains will not occur if you rent the property only sell it.As far as the loan through your company paying off the debt that you are in at 4.5%, that would just be moving the debt from one area to another, so technically you would still be in debt, but at a lower interest rate. 

(primarily so they stop attempting to communicate demands that I believe are outside the signed lease)===========================================Background:  We have relocated from Northern Virginia back towards the west coast.  

I guess technically no, you are right.  ;-)

Whenever dealing with Turn Key properties, absolute due diligence is a must: check out the company through the State, BBB, and references; background check the people you are dealing with; get copies of tenant documentation; perform your own tenant qualification; order a house inspection; get an insurance quote; review area crime reports; speak with area businesses and Chamber of Commerce; review local school district; if you can visit and drive the area, etc.