If so, I anticipate that the other two tenants may ask the one responsible for the bedroom above to pay for most or all of the costs, which may be financially burdensome for that tenant.While I have the plumber’s report confirming that the pipes are fine, I do not have definitive evidence that the leak was caused by the tenant’s actions.

For others to decide to not use it, that's fine but it's foolish to say it has no value as many thousands of investors utilize it all the time.

Just like New York City, Long Island, Westchester, Northern NJ, Fairfield Connecticut and most of Massachusetts, you cannot beat the appreciation and demand for rentals when compared to OH, AL, MS, etc.As I tell everyone, learn to play the game, and you'll do fine in just about any area. 

One city near me is checking all garage enclosures, giving nice notice to get them permitted, which they may or may not grant, and if you don't get it properly permitted by December 31, says they will start fining people. 

Or just have a tenant sign a move in inspection docs that states everything was checked by tenant and is working fine?

This ensures the property performs well even under less-than-ideal circumstances.If a property doesn’t align with your goals, it’s perfectly fine to move on.

To dissuade folks from crypto mining or growing, uh, plants.It basically says that if the electric bill is twice what the same month's bill from last year was, the overage will be charged as a fine.

Permitting also secures compliance and avoids fines, which can be significant in LA.This post does not create a CPA-Client relationship.

Xero works fine.

Microsoft Excel, and most budget or free online bookkeeping isn't going to cut it in this situation.For the rental properties you own directly, I often tell clients and prospects that a P&L in Microsoft Excel is just fine and a balance sheet is not necessary for tax purposes.