Properly executed, an investment in these types of property can garner substantial passive losses, often equal to the amount of capital invested (or more) even in years where the benefit begins to sunset.

@Jing TanI understand your idea here, however you get what you pay for.

I want to put in place some incentives for new tenants and want to know if anyone on BiggerPockets has done something similar.Here are a few ideas I have had:First Month Free: Sign a 13-month lease and get your first month freePets: No pet fee for the first 6 months, year, etcRent Discounts: Offer a discounted rent for the first month or two fortenants who sign a pre-lease agreement before a certain date.Waived Fees: Waive application fees, administrative fees, or securitydeposit for tenants who pre-lease.Free Utilities: Offer to cover utilities such as water, electricity,or internet for a certain period for tenants who sign a pre-lease.Upgrade Packages: Provide upgrades or amenities such as free parking,access to a fitness center, or a smart home package for those whopre-lease.Gift Cards or Vouchers: Offer gift cards or vouchers to localbusinesses such as restaurants, cafes, or grocery stores as a signingbonus.Flexible Lease Terms: Offer flexible lease terms, such as shorterlease lengths or the option to renew at the same rate, to incentivizetenants to pre-lease.Refer-a-Friend Program: Encourage current tenants to refer friends orfamily by offering them a reward if their referral signs a pre-leaseagreement.Early Move-In: Allow tenants who pre-lease to move in a few days earlyat no additional cost.Guaranteed Parking: If parking is limited, offer guaranteed parkingspots for tenants who sign a pre-lease agreement.

But there's no need to replace the dishwasher or even pay them back for the fan, since it was their idea to replace it. 

As I am looking for the first rental property in Philly, this gave me better idea of the process and time frame.  

Anyone got any ideas?

For me, this was going from syndications to aggressive REI in mid q3-ish of '22 when I realized which operators foresaw this and which had no idea.

Do you have a general idea of the interest rate on the HELOC either for your primary house of investment properties that you could get?

You really have no idea what it will end up being.

Once you nail down how to play in the same market then you can get creative to find new marketing methods that are unique (or even guerrilla tactics).Start by asking people in your network that you think would likely fit your target audience what they do when they're looking to book a multi-family vacation home.Qualitative research then turns to quantitative, so gather ideas from your wealthy friends then do some try them out and be sure to ask any leads/guests "how did you hear about us?"