Install landscaping that requires less water.Gadgets that help prevent water damage if water goes where it shouldn't be going: water alarms (place under kitchen sink, next to hot water heater, next to washing machine) and a "dwip" pan for under the dishwasher (if the dishwasher starts to leak, it forces the water away from the back of the cabinet and out onto the kitchen floor where it can be seen.)This is how we do it:Utilities that are variable (cost tied to use) - electricity, natural gas, and water/sewer - tenant paysUtilities that are fixed (flat fee) - garbage/recycling, yard debris - landlord pays (but we factor the cost into the rent.)In our city, both water/sewer and garbage/recycling will become a lien on the property if it is not paid.  

We learned that there are several things in need of maintenance that we were previously not aware of.I am putting down 20%.4.375% on 30yrs for a 321,000 3-flat property.

I don't know if it's out of control yet, but jobs, population demographics etc don't support the housing prices in that area.Who knows it might balloon up for a few more years and flat line.

My advice as a real estate attorney, find a real estate attorney to draft a decent residential lease at a flat rate.

@Mike Giudici  @Chris Winterhalter I just got some bids on a flat roof. 

I would suggest choosing an are that you can afford a duplex or two flat that you are willing to live in and go for it.

@Andrew Cordleand @Sharad M. what cities in NW IN do you buy, and type of properties at what cost:2-3 BR/1-2Bath SFH - Price point for 2 BR and 3BR+2-3 BR Duplex - Price point for 2 BR and 3BR+MF  2-4 Flats - Price point for 2 Flat. 3 Fl, and 4 Fletc.

I am interested in this property:[IMG]http://i59.tinypic.com/2jadutv.jpg[/IMG] http://i59.tinypic.com/2jadutv.jpgWhat style would you call this house with the box frame, flat roof and wood vertical shingles around the sides? 

Hi BP Family,I want to ask what your favorite wall paint color and finish (flat, satin, etc.) are for your rentals.

I'm working with a private lender for rental properties in Cleveland and am offering them a flat 15% rate of return on invested capital.