Normally we do not have vacancies in late fall through mid spring and fill our vacancy in first open house.  

Remember a cash offer does not mean you are literally going to show up at the closing table with a duffle bag filled with $100 bills.

That is 4 months' of ALL of your rent to place a new tenant (not to mention the time the unit probably sat empty while they were filling it).So in a year where you had turnover, your PM expenses would be $1,200 + 12x$120/month, for a total of $2,640 in PM expenses for the year.  

the duplex is in wisconsin, where average home prices are 125-180k without much work, my rent estimation with both units filled is 1800 a month.

Things that require security like this add financial risk because construction is like herding cats, And can be filled with time delays that mount up .This is something a more experienced operator might have known to look for, but still read and notate every contract before signing.Good Luck!

Hi, I am a newbie trying to fill my first rental and am unsure about what to do about this situation.

Is there any supporting documentation that I could have the current renters fill out prior to purchasing the property?

Guys, when a rental company is filling your unit with people they aren't meeting or ID'ing - then doing nothing about it if turns out the people are a problem -  you are royally SCREWED.

Those who do fill out the form, I weed out the bad, contact the good and schedule viewings. 4.

It can be a real balancing act.If you go the full MTR, reach out to the school and make sure they know you have a nice place for visiting professors, doctors, nurses etc who are there for an extended stay. 20k is a decent sized school so you might be able to fill up just on that.