(thanks for easier access)I do not have this scenario called out specifically in my lease but I have general things regarding plumbing such as these rules-Properly use and operate all electrical, heating, plumbing, and other fixtures and appliances supplied by Landlord, and assume all costs incurred in their repair resulting from misuse and abuse.

It gives me some piece of mind that if the tenant is misusing the fireplace, the chimney sweep will tell me on the report.I have another property that had a gas fireplace.

Many agents will see that as a misuse of their time and you won't be considered top priority by any agents with a decent amount of deal flow.You could do a few things to accomplish your goal here.Narrow your focus down to say 5-6 houses.

Misuse of the $500 allowance for maintenance. 

Some tenants become unable to take care of their home, due to mental ill health, substance misuse, learning disability and so on.

Also, would an LLC be actually considered as misuse of corporate assets? 

LOL.Kidding aside, both you and Andrew have just given great examples of how cap rates are misunderstood/misused and subject to manipulation to say anything you want.Andrew, in one of my posts in the past I mentioned about a turnkey company (not naming names) who advertised rental houses right here in Dallas (where I live) with 8+ CAP but the comps were LOWER (this is not a fictional example either).

I agree that legal assistance for establishing an LLC is unnecessary/a misuse of your money.

To charge or not to charge, that is the question...

I'm trying to be less empathetic when it comes to most business decisions. I also try to enforce the lease as letting things slide is a slippery slope. I wondered ...

I hadn't seen Rent/2 - P&I, I'll see how things shake out when I use that as well.The problem isn't exactly the cash flow, and maybe I am mis-using terms since this isn't my industry: But I consider cash flow less relevant than overall value growth (Still, it'd be nice if cash flow were positive), and I am very conservative with appreciation, calculating it only at 1% avg.This is why the question of debt leverage is so important to me.