My PM, who did not know my realtor, said the house looked good, nothing needed to be done, and got it rented.Turns out both were terrible, the house needed new HVAC, AC, windows, Doors, Pipe fixes, Water Heater, electric line, I found all this out after my Tenant Sued us because of the house's condition.We spent a 9 months of the tenants chasing off contractors before we got it repaired and the tenants out, then the judge granted us all our rent so we finally go that.

Their fill hose sprung a leak or something and hundreds of gallons of water poured into the apartment below them.

And as investors we should know this, but always anticipate higher costs and longer waits.EXAMPLE Breakdown of Costs:Plan Purchase: $1,500Permitting Fees: $2,500-7,500Site Preparation (grading, utilities, foundation): $20,000–$30,000ADUs require separate utility connections for water, electricity, and sewer but you can tap into existing utilities at the primary houseIn Raleigh you CANNOT split lots fee simple, so setting up completely separate utilities would not allow you to section off the ADU as of nowYour ADU must be on a permanent foundation (no wheels, no ability to move the structure)Construction (labor and materials): $100,000–$150,000Low-grade: $150–$180/sq ft averageMid-grade: $180–$220/sq ft averageHigh-end: $220–$250/sq ft averageLandscaping/Finishing Touches: $5,000Total Estimated Cost: $125,000–$200,000You could easily spend $200k+ with super end high finishes, custom designs, complicated sitework, adding a second story or more sqft, etc.

- Securing the property- Removing the waterIf your furnace was stolen, you may need to get propane heaters to facilitate water removal.

I was now without power, or water.

The grout between the tiles allows a run off of water and a gripping surface for your feet.3. if you’re smart, use durock on the walls too, right up to the ceiling.

The snake behind the water heater during rehab. 

Think of all the horror stories about tenants maxing out the heat with their windows open during the winter, deliberately running water bills up, etc. 

Put your best foot forward.For a water front house I always lead with the water.For you it could be the arcade room. 

They bought it and held it, come hell or high water.