Used HELOC for down payment All one bedroom units and was a work in progress to start.

broker price opinions, appraisals, assessments..

I'm wondering how you determine the depreciation on a rental.Let's say you buy a property that was just rehabbed and buy it for $100k and it gets appraised for $100k.You look at the tax assessment and it says the land is worth $10k and the improvements is worth $50k.When you depreciate the value of the property would you do $100k - $10k = $90k or would you scale up the land value with the new appraised value?

Also, if the property has greatly increased in value since the last sale or assessment, you should double check that what the seller is saying he or she pays in insurance.

Based on the assessment, that was about 40% of what the house itself (not the land) was assessed at. 

Property taxes on a rental are going to be around 2% of assessed value so you may be a bit low with $600 per year.

If some major expenses are in the near future the hoa needs to have the ability to pay them or their will be a special assessment that you will have to pay out of your cash flow.

After doing a threat assessment, you are the one deciding what level of asset protection you need to make you sleep at night. 

It can also be a safety issue for yourself.From your post you appeared more concerned about getting the new tenant in paying right away then taking some time to assess the condition from the last tenant to get make ready and wait to screen for the best possible tenant after the unit has been properly serviced.Sounds like they liked the idea of the credit and then moved in and saw much more items wrong with the property.

And if additional info is needed to assess this or clarify, please let me know!!