Trust me on this....if you want to lose friends, lose family members, and or damage those relationships, then by all means give them advice on financial matters and go into business with them.

Also, if there is damage that your insurance pays for, is that an expense?

Luckily they haven't done much damage, its just the extra expense of having them professionally taken care of that really gets to me.

As an example, the property that I just bought says mold, water damage and plumbing not working condition.

Without a crystal ball how could I possible know "evictions, legal costs and damage...lawsuits."

In addition to the expenses he listed, you also have advertising, damage done by tenants (above the security deposit), utilities paid by owner (even if the tenant usually pays the utilities), office supplies, management, maintenance, tax preparation, etc, etc, etc (I could go on and on).

I think a certain degree of brain damage is required in this industry..lol

"THE GIRL WE WERE GOING TO EVICT WOULD HAVE BEEN MYRESPONCIBILITY DUE TO THE FACT THAT THE DAMAGE WAS WHILE I OWNED IT.

The place is gorgeous and well maintained on the outside, but I'm hearing there is some water damage on some of the walls from a roof leak.

If you are going to rent a property out, you want to repair it only to make it livable (not beautiful) and to avoid long-term maintenance nightmares (eg water damage).