The buyers in your market are the decision makers on how much rehab you need to do.

Therefore, be sure that the envelope is hand-written.The decision maker may not be the one that reads it, but at least you know will know that it gets read!

It could also indicate a gambling addiction or other issues that could make rent collection difficult.

William Donaldson@ William Donaldson didn't point out the importance of reserves (aka savings account). have a good chunck initially & keep in mind if you buy a home at a good deal it more than likely will need $10-$15k in rehab/make rent ready mode.

Also today, two regional Fed officials warned that the economy, which entered a recession a year ago, faces a lengthy slump. ‘Protracted’ Slump There will be a “protracted period of poor performance†and policy makers should remain “vigilant†in monitoring risks to growth, Chicago Fed President Charles Evans said in Michigan.

Both are buildings conformed into indoor units. 

Well Don  you ask on BP and your will get a thousand answers  LOL... don't you have a hot line to your free legal aid at your real estate agency.. or talk to them.. don't talk to the internet  they are not the rule makers  good luck with it.

I'd look on Meetup.com for a Cashflow 101 or Millionaire Maker club near you.You're fortunate to be starting with a little nest egg.

I would consider gradually raising the rents to make rate if the tenants are that important for you to retain.

They can't give you an answer now, because they don't know what the ultimate decision maker will say.