Additionally, a security deposit holds the place for 30 days max. 

I am wondering if it is a good idea to invest in one of these foreclosed homes or old single families. the prices there are actually extremely cheap compared to where I live in new jersey. my overall plan is to own multiple rental properties. 

Besides comprehensive lease agreements outlining the tenant’s property maintenance and damage prevention responsibilities, I am also thinking about signing with a tenant's additional agreement with all prices for typical damages which they need to sign with a lease.

The house is already in good living condition with great tenants currently in it.

Normally, if the policy values the loss on Replacement Cost, they will initially pay the loss at the Depreciated value, once the damaged area is rebuilt, then they pay the additional amount (up to the limit on the policy).   

Once the tenants vacated, I realized I severely underestimated the amount of wear and tear the property sustained after they've lived in it for over a year.

Hi Everyone,I'm just starting out and looking at small MFH properties but will be investing in the Midwest where I grew up, though I live in California.

I live about 30 minutes from Canton/Massillon. 

I received $80 more per month and an additional $370 on the two months out of the year there are 5 weeks. 

I just bought it late last year ans never really saw any issues since it was fully renovated and hadn’t been lived in in over a year.