Normal wear and tear is covered by the lease, however excessive damage is not.

Allow water, sewer, trash, and gas bills to be directly in the tenant's name, and attached to the tenant rather than the landlord.

Once POA is in their system you can request any info including change of mailing address from your seller to yours, cancellation of policy, pay off request,etc.If you miss this simple step you may find yourself in hot waters looking for seller's whereabouts, cooperation, etc..

Here's the details:Purchase Price: $62,000Closing costs: approx $3,000Monthly Rent ($725, unit 3&4 currently rented)Unit 1- 600 (2br) -newer cabinets and carpetUnit 2- 450 (1br) -newer cabinets and carpetUnit 3- 350 (studio)Unit 4- 375 (1br)Monthly Expenses- ($488, not including management or maintenance)Insurance- 83tax-138 water- 47 (total house-city won't provide separate meters) trash-18 gas-50 (owner pays gas for unit 3 and 4, 1 water heater for both units) electricity- unknown sewer-26 unknown (estimate based on local rates - 26)Maintenance ???

If you plan to move back into it at some point, you must consider the inevitable small changes and damage done by your tenants and how that will make you feel.2.

Aly NAHaha yeah that's what I used to say until I got a call at 1 AM telling me a tenant in Iowa busted the water pipe and it flooded there basement.

Also - legally, in NYS you cannot bill for water on multiple apartments if there is only one water meter.

The house was winterized back in Nov 2013, so the water was turned off and the water meter was removed to ensure the pipes wouldn't freeze (here in Michigan).

All my master utilities, including all water for all units (plus laundry) are just over that, so it goes a long way in offsetting master utility costs.

But still $100K in damage.