In total moderation, of course, but still.....an illegal activity.What happens when kids under 18 or 21 show up at the house at a college party?

I'm a bit disappointed to read some of the advice posted by  moderators / long-time posters.  

I'm thinking about starting off with homes either in the 40k range needing light-moderate fix ups, or around 80-100k  that are fairly turn key.

There is always greed, which is great in moderation, but again if you are happy with the tenant and the rent and you don't see any additional risk to your assets, whats the harm in having additional occupants.

bill_id=201920200AB1482The section regarding rent control is under section 1947.12 paragraph (d): (the exceptions)(d) This section shall not apply to the following residential real properties:(1) Housing restricted by deed, regulatory restriction contained in an agreement with a government agency, or other recorded document as affordable housing for persons and families of very low, low, or moderate income, as defined in Section 50093 of the Health and Safety Code, or subject to an agreement that provides housing subsidies for affordable housing for persons and families of very low, low, or moderate income, as defined in Section 50093 of the Health and Safety Code or comparable federal statutes.(2) Dormitories constructed and maintained in connection with any higher education institution within the state for use and occupancy by students in attendance at the institution.(3) Housing subject to rent or price control through a public entity’s valid exercise of its police power consistent with Chapter 2.7 (commencing with Section 1954.50) that restricts annual increases in the rental rate to an amount less than that provided in subdivision (a).(4) Housing that has been issued a certificate of occupancy within the previous 15 years.(5) Residential real property that is alienable separate from the title to any other dwelling unit, provided that both of the following apply:(A) The owner is not any of the following:(i) A real estate investment trust, as defined in Section 856 of the Internal Revenue Code.

I'm on the liberal side of moderate, and still try to help people, but I've been taken advantage of more times than I can count (though I do stop once this happens- it's better to take a chance on people as some will appreciate it.

Sorry, I should have been more specific:The unit is under moderate rent control meaning that when vacant, I can raise the rent to anything I want.  

You may want to ask a moderator to move your post to a more appropriate forum or post it yourself in the right forum to get the best response from fellow BP people.

Carpets and drapes - "useful life" ruleNormal wear and tear to carpets, drapes and other furnishings cannot be charged against a tenant's security deposit.243 Normal wear and tear includes simple wearing down of carpet and drapes because of normal use or aging, and includes moderate dirt or spotting.

You basically have 250K sitting there in equity doing nothing while many low to moderate risk investments could yield 5% , Basically it's "costing" you ~1041/month just sitting there with lost opportunity costs.