I recommend establishing a reserve fund for major turnover expenses, capital repairs like a roof replacement, etc.

I was able to replenish emergency fund money I had to dip into for furnishing, was able to pay off a hot tub, was able to replace 2 garage doors and paid for a larger repair this year.

They will try to run 2 kitchens and that can mean clogged drains in your wet bar kitchen.Be sure there is personal recourse when you need to sue them for $40k in repairs above the deposit.

He's essentially lost $150K.Run the numbers if he was renting it for 5 years (minus mortgage, property taxes, repairs, etc). 

The rental is currently managed by my husband and I and I do the paperwork and lease etc, and hire contractors or husband does light repairs.

I'd love to have a small line of credit on the property before the end of the year to cover any other repairs or upgrades that will need to go into the property.

I dealt with evictions, unexpected repairs, and the ups and downs of tenant relationships—but I also made huge strides in improving the property’s value and financial performance.

I'm thinking that repairing the plumbing leaks and getting the soil dried out could be a permanent solution.   

Think about capex and repairs. 

Work thru what you would bid on the house, what you think repairs would be, what you think your ARV would be.