While we don't necessarily have the time to manage the properties 100% ourselves, we at least do have the flexibility to be moderately involved and plan to keep the property manager accountable and regularly undergo thorough audits of incurred expenses (i.e. request bigger ticket items $150-$200< to be submitted etc).Through a mentor (very large SoCal real estate investor involved in large Industrial, retail, and with vast experience in SFH-MF), I've been seriously advised against hiring a property manager - he's warned that while the baseline fees appear to be a good deal, the inflated repair bills, stalled evictions, and mismanagement will eat up cash flow and money out of pocket will be needed to make mortgage payments - even with the best PMs.Out of curiosity, what has your experience been like with property managers?

During the term of the lease (the initial term of the lease or any extension term), the owner may only terminate the tenancy because of: (1) Serious or repeated violation of the lease; (2) Violation of Federal, State, or local law that imposes obligations on the tenant in connection with the occupancy or use of the unit and the premises; (3) Criminal activity or alcohol abuse (as provided in paragraph c); or (4) Other good cause (as provided in paragraph d).

Further, an opened notice from the DMV in this tenant's name related to driving under the influence of alcohol was on the floor, and an unsecured Smith and Wesson handgun was sitting on the bedside table.

Liability out the wazoo-- roommates bringing guests over, complete strangers living with each other (alcohol, assault, drugs, etc.).

MODERATOR:  NOT AN OFFER TO SELL THIS PROPERTY.

@Joel Owensbecause a large portion of our sales is alcohol, which is high margin, we are hitting in the 20-30 range.  

Most of the spring in KC has been very moderate and rainy, but recently it's been close to 100 degrees with the heat index. 

I would plan on exploring this from either Sheetrock wall on opposite side of opening up the wall from the tiled surface in the bathroom.You probably will not be able to keep the deposit in this case, and as you mentioned it was a 2 "flat" I am assuming you're in the greater Chicago metro and your L & T laws are very strict there.I would do as another post suggested and either have it repaired by current owner prior to closing to your satisfaction - meaning you are physically on the job site to witness extent of damage or lack there of due to water, or, renegotiate and ask for a concession for the issue - and this could be a moderately expensive problem depending on the length of time it has been leaking and given the possible location of the shower/bath to supporting wall etc should lumber need to be replaced.

In Michigan, you can insert this clause in your Lease:ILLEGAL DRUG USE: Tenant must not violate, or knowingly allow another to violate, federal, state, or local laws regarding the use of controlled substances or the use of alcohol by minors in or around the premises. 

Typically they do not own anything of value, make a moderate to low income and change jobs on a semi frequent basis.