Because once you get into anything that involved ripping out major items, plumbing, electrical, kitchen etc...you'll quickly blow your budget on time and money.

Property taxes are used to confiscate wealth to pay for items where there are laws that MANDATE balanced budgets.

I usually figure mine at 40% but the homes I’m renting have been rehabbed and usually will have a new roof, bathroom, water heater and other items that will typically have a high replacement cost. 8)

The Seller can give credits for the repairs of items in the home, such as new carpet, painting, etc.

(The items I removed from the list and replaced with "..."

:D I'll try to make this as short as possible, but not leave key items out.

On an investment property you can also deduct insurance, maintenance, depreciation and other expenses related to the rental but you cannot deduct those items on a 2nd home. 8)

These rules have to apply to everyone on the property, but you can accomplish quite a bit with this, including (check your local laws) late fee charges, and most other items EXCEPT the term and base rent.

Consider moving assets and other personal items into a trust or the name of other family names.

Mostly so the standard items are covered and so they are not confused or exposed to extra liability.You can note on the standard contract that the offer is subject to the items on addendum A and then supply your form with the clauses you want added.Independent of how you get to the end, make sure you read closely the full offer and understand what you are committing to do.