If these type of damages occur in the future, I would recommend holding the tenants deposit, or if there is a claim to be made through the insurance you sell them you could approach that avenue.

Just approach everyone with your business potential and they’ll typically help you out.

Of course I always approach the market with a higher rent value. 

I wanted to let you know that you could use a primary HELOC Mortgage and run a simpler approach to pay off your home early, or make principal payments, or save up and recast your payment.

Quote from @Bruce Woodruff: There is the black and white approach where only $100mm and 4% body fat are acceptable.

How would you approach this?

Spending $1,000 to start the process can be worthwhile if you’re clear on the steps needed to reach that point.As for renovations, the approach really depends on your goals and the scale of the work.

Can try to reposition to Class B, but neighborhood may impede these efforts.Vacancy Est: Historically 10%, but 15-20% should be used to also cover tenant nonpayment, eviction costs & damages.Tenant Pool: majority will have FICO scores of 560-620 (approaching 22% probability of default), many blemishes, but should have no evictions in last 2 years.

Quote from @Michael Florkowski: I really like this approach.

However, I should note that this tenant has been late paying rent several times recently, which has added some strain to the landlord-tenant relationship.How would you approach this situation?