Start making arrangements for any repairs etc...EVERYTHING both of you can do to get a new tenant ASAP...... the emphasis is that he needs to do his end to help you get it taken care of ASAP and you will do yoursIf the turnover happens real quick and your lost $$ is small, I'll cut him some slack and let it go....but if for some reason it takes longer to fill, then I'm not eating that $$....Sorry, but the bank isn't going to cut me some slack when the mortgage is due and I'm in rehab..... or any other agency that I have to pay for each month......

My macro bet is on the waning desire of the American dream of home ownership and more emphasis on being mobile through renting.

Here is the question I want to bounce off everyone to determine if my thinking is correct or not:Hypothetical example: If I'm looking for a home that will have a monthly payment of $1500, I am placing more emphasis on homes that would have a lower percentage of it being mortgage cost with the rest as PI.

Education is part of it, but they will place the most emphasis on actual deals and experience.

Carpet needs to be cleaned regularly and replaced in high traffic areas every few years which on the cheap (emphasis on cheap) will be 1.50/sf.

Too many people put an emphasis on using "other people's money" without explaining that the people doing it successfully have cash reserves and/or lots of experience otherwise.

I am curious, would you put a greater emphasis on having an equity cover or on the asking price as a % of unpaid balance, especially in a changing market?

So is the Sales Proceeds when you sell.When an Investor believes that the definition of Cash Flow has ONLY (and I want to make sure you see the emphasis on ONLY) to do with how much monthly cash he puts into his pockets on a monthly basis and ignores all other cash flows, the the statement "X property makes $xxx amount of cash flow" is FLAWED at best.As Kai pointed out, you can be at ZERO monthly cash flow but if you sell at a huge profit, meaning your LAST cash flow which is your Sales Proceeds is HUGE.... your overall Return is GREAT, if you count EVERY Cash Flow.Similarly, if you were making, say, $200 per month in year 1, which may be a 10% Cash on Cash Return if you invested $24,000 out of your pocket, BUT, if you were forced to sell the property after Year 1 for a LOSS of $3,000 in Seller's Closing Costs, then your DEAL was BAD because you lost money overall.

You may still find some investors that way but I'd suggest putting a heavier emphasis on building investor relationships through your personal network. 

For those familiar with the novel; you would understand it puts a HUGE emphasis on building a "mastermind" group.