to attract tenants, i ran an ad in the paper with a "new year's security deposit special" in the beginning of the year...i lowered the deposit all the way down to 150, but jacked the rent up an extra 50 bucks per month (the tenants of course did not know that though)...instead of 400 a month, they will pay 450/month for a year...people that live in these 400/month rentals are usually not great with money...thus, do not have the cash upfront to move in (esp. after the holidays)..i gave them a cheaper entrance, and they'll pay the extra 50 per month, which i will set aside as a deposit, just in case...the only downside i can see is if they trash the place in a few months before i can get an adequate aggregate deposit

Nolo has a series of books that are completely adequate to show you the pieces that need to be in place.

Or,2) Put them back in your personal name, and get adequate insurance to cover any liability.

So, when I hear someone suggest that a difference in opinion is prohibitive of a logical conclusion about reality; I can't help but to question if that person has done adequate due diligence on their own belief.

As for Electrical, aluminum wiring is a red flag not seeing it can't be used but it has greater chances of malfunctioning and causing a fire vs copper(aluminum was used more in the Vietnam era but this is just precaution), make sure all electrical work is grounded (you can tell if the receptacle are 2 prong and not 3), Service and Panel size would also need to be adequate if you plan on adding more rooms and circuits(I recommend at least 150 Amps).

As @Will Barnard said leverage and arbitrage are often good things especially when you have adequate reserves.

I saw this post a little too late, unfortunately, even though I thought I had adequately vetted them.

Some tenants won't be affected job and health-wise and some tenants will have adequate reserves to get through this. 

That bein said, NEVER going into any real estate venture without adequate cash reserves. 

As a few others have mentioned, when you use $100/door per LTR as your criteria, no matter if you are saving CapEx/maintenance every month, there’s too little extra cash to adequately/effectively build up cash reserves, save for future large expenses, and use as a reliable income source.