My advice for Tom (OP), though, is to not use the 401(k) for your first deal. 

anyways, if i faced the OP's tenancy/disclosure issue, i'd inquire with the entity they are 'registered' with to demand legal ramifications and courses of actions due.

However, had the OP had only a note, without a mortgage, it is an unsecured with absolutely no legal connection to the property, and any LP filed against the property would be invalid on it's face.

The OP wrote:- "Phil and Shenoah Grove requesting investors to join forces and fight AGAINST a bill"..., but you wrote:- "If HR 1360 is not passed, Owner/Seller Financing would be greatly impacted causing harm"...Are we talking about the same bill, or mutually exclusive bills?

This thread is about the OP going an hour out of his market to invest in properties that ONLY cash flow because the prices are so low. 

Dave Toelkes I'm just trying to expand on the op's original question as to when does the 2 year clock start.

If a tenant didn't pay attention and use the wrong detergent it could be an issue, so perhaps I need to supply the detergent, which adds to my cost.Of course, I could consider a coin op, but...My gut instinct is to just get another standard cheap work horse washer, and keep it simple, and put in a 10 gallon heater. 

Well that and the skeleton.Unless buying in a NYC co-op you can't control who the neighbors will be.

Its not like the OP is setting up movers to throw her to the curb tomorrow.

Our expenses are about $30/month higher at this property than they were last year (see OP), and this unit is by far the lowest under market.