I could tell by the tone of the letter these folks don't fool around if you break the law in NV.

You also need to look at the overall timeline and work backwards from closing--how much time are you going to need to raise the money, allow investors to review the docs and get funded. 

I think that showing them these things helps them to better take care of the property, and helps to reduce potential damage if a pipe breaksI schedule showings 15 minutes apartI waste less time driving to and from the property, and between applicantsThey see other applicants arriving or leaving, so they know there are others interestedI ask them to call to confirm at a specific time a few hours before their appointmentI don't have as many no-shows (believe it or not, there are still no-shows even when they called 1/2 hour earlier to confirm)I print our standards on the application (600 min credit score, 3x rent as income, no smokers, we do background checks, etc)Allows applicants to decide if they want to weed themselves outI encourage applicants to take the application home to fill it outI offer to pick it up at their home so I can see how they liveIt requires them to follow up and return it if they're interested, so I don't have to screen through people who apply everywhere with the shotgun approachIf they insist on filling it out on the spot, I call to confirm a fact from their application before further screening to make sure they're still interestedWhen they turn in their application, I tell them I'll be conducting background checks and ask if they have any surprises I'll hear about that they want to discuss.They've often told me about things that didn't appear on the reportThey've asked for the application back, said they wouldn't qualify if I'm going to do a background checkAll of my units have pass-through knobs and deadboltsThe tenant has to actively lock the door behind themThey can't lock themselves out by pulling the door shut behind themselvesAll of my units have been changed over to a master key systemI have one key that unlocks every door that I own, including padlocksInstead of replacing the whole deadbolt, I can swap out the core in 30 secondsNo more softball of keysI have a lock core in a different color that I can put on vacant units that are being worked on so I can give contractors a keyI have a standard set of 4 colors that I paint every unitIt makes it feel more like home if the walls aren't stark whiteIt doesn't cost anything extra to paint rooms different colorsThey're all earth tone colors that go with any furnitureWhen tenants ask if they can paint their unit, I tell them yes, but here are my standard colorsI've eliminated carpet - I use tile, snap-together vinyl laminate, concrete, hardwood (if it's existing) or linoleum (rarely)Tenant can bring their own throw rugs if they wantReduces allergensEasier to cleanI don't use the old snap-together pressboard laminate that would curl up with moistureI pay contractors as soon as I receive an invoice and I know the work is done to my satisfactionContractors don't want to chase down customers any more than we want to chase down tenantsI get a quick response in an emergency because they know I'm going to pay right awayI never say "no" - I always give them an option of how to get it donePets are okay, but there's a monthly feeIf a pet is sneaked in, there's a fine plus the monthly feeIf a pet is deemed dangerous to the property or neighbors, they can get rid of the pet or move outIf you're caught smoking, there's a large cleanup feeIf they want to paint, I let them choose from my colorsIf they're going to be late, the late fees are clearly definedIf they want to move in another roommate, that person has to apply and be qualifiedIf they want to move because they need more space, they can move into one of my larger units without breaking the leaseIf they don't mow the lawn or clear the snow, we can arrange to have a service take care of it at an additional chargeI'm sure there are other things I've added to my toolbox over the years, but this is a good list to start. 

I hope to see you around in the BP community.Regards,Tone

Safe bet is to get an idea of the typical lease term that you see with properties like this (1-year, 2-year, 3- year, etc) and then assume you're going to need time between tenants to make repairs (there's always damage), repaint, rehab, clean, & re-rent.

IF you get one of those ring back tone things where you get to enjoy the latest vomit by Lady Gag-Gag for 30 seconds you hang up.

With the guidance of Sean and Aaron we stepped through the property, analyzing what each of us might alter or change about the lay out and rehabbing of the property.Our group repeated a similar process through 3 properties (each priced differently, each with its own problems (or as we BPers call it - opportunities to make money).For example, the second property we visited was completely wet, smelled of mold, and was going to need a total gut rehabbing.

Another bedroomI might need to tone the colours down a little.BasementThis basement needs some updating!

If he's not out by 9/1 I'm going to need to contact a lawyer and proceed with eviction.So his official written notice was delivered 7/15 and he paid his full month rent on 8/1, which I have not yet deposited.Connecticut tenant laws seem very favorable to the landlord (I could have him out in 3 days if I went to court), but I'm trying to keep it civil.Thanks!

But at least for the first couple of years, you are going to need to have a GOOD property manager.