Familiarize yourself with plumbing materials quality ratings and cost.Their are many ways to join a pipe, learn to notice the most professional look.Look more closely at insulation materials and see the different quality standards.

Its a fine line we have to walk on to not spend much but keep quality tenants so 2 Questions:1) How does an Investor/Landlord control spending habits?

If I look to neighborhoods on the next "quality" notch above those I've been buying in, the houses that I could get $800 a month rent on would cost more like $70-$90K instead of $30-$45K.

Instead they just want to get the pain over with as quickly as possible.You also have to find a bank that is motivated and doesn't want the property (shopped) listed by the seller to fully expose multiple offers and compete with other investors.This is why many people wholesale.They make a few k on a marginal deal and let other investors take the high risk.Then they only buy when they get a really good deal for themselves.I would say "Do not get emotionally attached to this deal and overpay because you wanted to BUY SOMETHING" Instead just treat it as a property and if someone overpays for your goals then move on to the next.Remember it is easy to build a crap portfolio with marginal returns.It is much,much harder to build long term quality properties at a great price that will create generational wealth for the your family.

You also need to take into account if your competition is waving the security deposit for qualified applicants,charging a pet fee or not,paying for any water,sewer,trash for the tenant included in the rent,including appliances,or giving a rent credit on move in, and many other factors.Rent rates can look good until you see how many landlords you are competing with,quality of the product,and incentives given driving down the net rent before debt service and depreciation.

If another adult occupant moves in, you'll want to qualify them, screen them, and then put them on the lease, this, is a no-brainer.

And then there's the quality of the wanna-be-renters.

There are plenty of REO's out here but the quality is so bad you couldn't give them a way for free especially if they are wood frame.

I screen my tenants thoroughly, some know where i live and i have no problem with that.

If in your shoes, I'd consult with an attorney to find out how you can accept $1800 a month with the possibility of pursuing them for the difference later.As it pertains to future tenant screening, a general rule is 3Xrent for income.