There is a reason why blue-chip properties in NY, LA or Boston will always be in demand even though they might yield less income (on a % basis).

We plan to manage them for the first few years but not too long down the line I'd consider a property manager.I've been chipping off a thick 70's texture from the walls and we just discovered a badly rotten sill plate so I'm thinking less about granite counters today :) Still on that note, it's a very tiny kitchen so it seems worth considering for $1,400 installed.

I think everyone who wanted to go see and do what Chip and Joanna were doing have now been there and done that.Ft.

The "Chip" that you have to play in the Equity Position of the deal is tied directly to 2 things:1. 

I don't participate in Section 8; I'd rather rent to market and I don't want to deal with stupid stuff like a tear in a window screen or a chipped light switch outlet. 

We are about to sell our small ranch in Danville for $1.2M so we can cash out our chips from the past three hacks. 

I'm stacking my chips and waiting until I can make some money cleaning up other people's messes.

(Hmmm... is this a bargaining chip for negotiation)This is an example of just one of the multiple possibilities.

The tenant might keep the run down space as a bargaining chip for the landlord to do major TI upon the option or a rent rate reduction.

We would like to obtain the asset rather than her throwing in the towel early and letting the chips fall where they may.