I am totally understanding the phrase, what is free is often waisted because the tenant is not frugal when it comes to utility usage.

It is important to build a team that understands the unique dynamics of this market.Given your experience and substantial equity, sounds like you're in a prime position to capitalize on new opportunities. 

@David Oldenburg That's my understanding about usury as well...that a broker is exempt.This doesn't apply to you because you are a broker but I was making the point that in California you need to have a broker's license if you make 8 or more loans even if it's from you own funds.  

Or that if you bid $80k for a property, foreclose, and sell it at $80k you will have lost about $20kOf course I know and understand these risks.

Understandably distraught, they left the next day. 

I understand that I have to apply for a new rental license.

I'm so use to being involved in the day-to-day business of the property management side of things so I'm struggling to understand how much the new property manager should be communicating with me and how often.As an example, I had a tenant break a garage door recently (drove into the door on accident).

Great post, not preachy - just solid advice.

I'm very new and I don't understand a lot of the posts I've googled.

Mark Vandzura, first of all there was an accounting error with a new system set up that we didn’t fully understand.