(I think you should) What happens if you miss your closing date or he backs out at the last minute or there is an undisclosed lien or a major mechanically problem with heat, foundation, water heater, electrical, plumbing, etc?

So my wife and I have been renting for about 2 years now $900 in north Miami Beach.

The property requires a new roof , floors and heating /cooling system .

But areas like Boston, Miami, NYC, LA, SF... are hard to make a profit unless you hold it for 10 years (at least 4 years) to get the appreciation. 

As an investor Oklahoma City and a native of Arkansas everywhere I'm most prone to invest has hot hot heat during the summer and TBD during the winter. 

Lewiston auburn area, has heated up , but still has great cashflow.

Gas heat is much cheaper than electric heat. 

Lynch heating & plumbing of Davenport.Tommy and Mhisho are awesome, you can let them know I sent you!

If it's electric, sometimes the heating elements or thermostats burn out; they cost a little more but all the hardware stores have them.

After a property is livable (fully enclosed, power available, safe water, heated, etc.) all rents collected have been used only as necessary for property maintenance and to pay property taxes.