I agree that it is a lot of money up front, but if the norm for the area is first and last month's rent, remember that the tenants who are moving in won't have paid last month's rent to their current landlord (if they are from the same area). 

Remember, "the Bigger They Are, the Faster They Fall" in the next downturn. 

And always remember evictions can cost typically 2X-5X than CFK's - But your time is the most valuable LOSS in this all!  

Whereas now your amortization component is very high because of the favorable financing in place.So you have to consider all of those when looking what and where to invest next.Another thing to remember is that in order to completely defer tax in a 1031 exchange you must purchase at least as much as your net sale. 

I remember when a similar development happened near Phoenix a few years back-property values didn't just climb, they skyrocketed.

He is a poster here on BP who has talked about it the most, and for the longest as far as I can remember, so he will be a quality contact for helping build your team. 

Just remember: most negative reviews are written by problematic tenants.

Remember you don't have to own a property to control it.

But remember this is not straight forward as the basis of the new property is derived from the adjusted basis of the relinquished property plus any amount you paid.

That said, we do monitor the managers, who have final say in all house decisions (for free rent, remember?).