We don't allow people to apply before viewing the property.

The property needs to be rehabbed.

All - I've owned this rental property for +6 years in Cleveland, OH and never had fleas ever with several rental cycles.

So, I decided to drive a nearby neighborhood close to my residence, recently and document addresses of seemingly vacant distressed properties.

When there's tenants already occupying the property, there's often times different leases that were signed among the tenants.Additionally, renting by room usually sees higher tenant turnover which in turn causes more work for the PM.Other challenges to consider:- Disputes/conflicts among tenants (different personalities if a tenant doesn't know the others prior)- Occupancy limits- Splitting utilities (what if someone uses more water?)

It's an investment into the property, and if/when they move out or even if they're there you can now add a traditional dryer to the property and collect additional rent.

Bottom line, be thankful that you’re able to find coverage at all, because some properties can’t.  

Quote from @Adam Rivera:I would really use realtors that do high volume of deals in this area you are looking and also property managers.

Purchase price: $179,000 Cash invested: $15,000 Lived in the property for 1 year.Knocked down living room wall, replaced Hvac, floors and gutted and remodeled the kitchen, attic insulation, converted the living room and the dining area into rooms.

Or ask the third owner if they would also consider selling, so the whole property is sold.Whether a partnership or LLC, follow the Operating agreement.