Also , if you get to know them too well, you may fall into the trap of being too lenient on late rents and what not, since you start to develop more of a relationship with them.

Add more in if I ask them to replace cut-off valves and P-traps... you get closer to maybe $150-250 per fixture, parts and labor, if we're talking about galvanized... if it's PVC it'll be cheaper.

My concern is we are still stripping off lead paint from the exterior of the home in sections and then repainting as we go, we will most likely be presenting an unfinished property to appraise.

I think there are many angles on this that can be addressed to keep anyone from falling into the trap they are trying to set.....!

It's almost like a trap door that only opens a quarter of the way.

Here is another one saved from the guru trap by Bigger Pockets.

Todd rents will go up over time whereas your mortgage paid off will not.Appreciation over time will increase the worth of your property but you still have to take into account inflation.Having a mortgage paid off some love that peace of mind.Other investors want to put that money to use instead of having trapped equity for years and years.Example you get a loan at 4% interest and can write off the payment on taxes each year.You take the money you would use to pay down the mortgage and instead invest it for a 15% return.It's all about really your plan and your comfort level.Many investors I work with love debt as with rates so low it's almost free money to them to grow investments.You still have to buy right though.If you go to a big REO broker they usually won't work with you one on one.Instead they will assign a buyers broker from their team to help you.Do you have any HUD homes there where you live??

@Katharine Chartrand Sorry for this stupid question; I am trying to learn how to avoid all the traps when signing a contract.When did you find out about the $1400 water bill?

Don't fall into the newbie trap of thinking entities and business cards are important. 

I, along with many others, fell into the trap of trying to set things up first then taking action.