Usually takes 3 years to cycle through customers till you get a base of good customers.  

A project will have a life cycle that spans close (purchase of distressed) to close (sale or refi at new value). 

I just got my refi check on a full cycle and looking for more off market deals. 

I'll also be looking for a 6mo lease to get back onto the standard cycle.

My concern is that housing values have gone up so much lately that, like any market, the next cycle could come around and leave me in a bad situation.  

You want the cost of the entire life cycle of the project to be no more than 40k if you have 50k, you'd want a buffer. 

If it is tied to the home, you have a few options:1) include electricity in the rent (down side with that is tenants may be less diligent with electricity use and increase the bill)2) have the tenant pay it and include a copy of the statement every 1-2 months to show that it is paid in full.3) have the bill in your name and send a copy to the tenant each month (or whatever the billing cycle is) and they can add the balance to their rent each month. 

And even more fortunate to learn my lessons in a forgiving market in a forgiving market cycle.

The economic machine, as complex as it is, moves in cycles.

We jumped in after waiting on the sidelines too long and now are learning on the fly during this recession... correction... market cycle.