Then you would subtract the depreciation expense which will depend on the method you take to depreciate your property...

(Some of you who post here know him well.)On the other hand, I love communities with less than 70% occupancy because I know I will hit a Grand Slam using my marketing and sales methods and my captive finance operation as do some other young lions in our industry that are clients of RCG.

Except for plumbing, electrical, lumber and drywall.

Certainly get it inspected and make sure everything is up to code (electrical, plumbing), and if not, budget for rehab accordingly.  

I would think it wouldn't take long to build a mini empire off of this method. 

I have in my business plan revenue increasing methods (market rent, Washer dryer in room) as well as the rehab of units starting year 2 to increase rents.

It would be plumbing issues due to old or clogged pipes or sewer lines. 

If you lost track the total is 4 one-bedroom apartments and 1 two-bedroom apartment.Things that went great: 1.I gained experience framing, wiring, dry-walling, and plumbing, on five apartment units. 2.Several members of my family and I had a place to live for twenty years. 3.Maintaining the property over couple decades made me a better carpenter by exposing some minor things I could have built better the first time.

What's the best method in your opinion (postcard, letter, brochure, etc)? 

Here is what we put in our move out letter, which may be helpful to build on:Specifically, here's a list of items you should thoroughly clean before vacating:[ ] Floors[ ] sweep/mop laminate floors[ ] vacuum carpets and rugs (shampoo if necessary)[ ] mop kitchen and bathroom floors[ ] Walls, baseboards, ceilings, and built-in shelves[ ] Kitchen cabinets, countertops and sink, stove and oven--inside and out [ ] Refrigerator--clean inside and out, empty it of food[ ] Bathtubs, showers, toilets, and plumbing fixtures[ ] Doors, windows, and window coveringsPlease don't leave anything behind--that includes bags of garbage, clothes, food, newspapers, furniture, appliances, dishes, plants, cleaning supplies, or other items that belong to you.For move in, put all info in the rental agreement.