Thanks for your help.How was your fall color this year?

The fall/winter seasons are when more aggressive deals are done as sellers are more serious about getting out, you can set your watch to this behavior every year. 

Point is action is now required all else will fall into place.

If you have a PM your contract likely says that unless your PM was intentionally negligent it falls on the owner. 

Maintain the property and begin implementing strategies that promote tenant retention before you need it.Buy in Fundamentally Strong MarketsThe temptation is to chase yield in speculative areas without a strong local economy, but don’t fall for it!

Don't fall into this trap.  

The worse that could happen with conventional loan on your investment property would be that you'd have to pay PMI if the equity falls under 20%, so if your cashflow can take that, I think you are all set? 

If we like the tenant a lot we will let their rent fall noticeably below market. 

We ripped off the "indoor jacuzzi room" and breakfast nook because they were horribly done additions that were already falling off the house.

This was zoned to Coppell schools, among the best in the Metro, and the landlord who owned it let it fall into a little disrepair when the market supported a nicer property.