The first remediation company went to assess the damage and told us an overwhelming amount of work that they will have to do in order to repair the water damage, including demo the kitchen cabinets from the walls, potentially destroying the counter top, opening up downstairs bedroom drywall, ceiling and some carpeting, and that they will not be able to put anything back due to liability concerns (the fact that they are not licensed contractors to perform such types of work).

They belong to the tenants and are held in trust for the faithful performance of the lease.

Also, a factor is that to self manage (with help) is no small task.

When the tenant doesn't perform, I issue the 5 day notice.

They should also be performing a thorough move-out inspection and even a mid lease inspection so you can see the condition of your property.

But saying you decide to go forward and rent it to him at market value and no reduction in labor cost, make sure your lease is absolutely clear that he is not allowed to perform any work without your written consent and if he does perform work without your consent, he will not be compensated.

If you don't like certain tasks, hire someone to do it.

We were then able to find a private investor to put up 90K and we put up the rest of the money to perform the rehab.

I would recommend that you perform research analysis in your market area. $90k is a good deal if all houses in the area is selling for more than $140k.

My only concern is that, as someone new to real estate, I may get stuck with most of the bookkeeping tasks in the aquisitions company.