I think part of the trick is knowing how sturdy your limb is that you're out on and knowing when to stand pat.

I do recommend a cap and you can also have thermostats with upper and lower limits so one person can't set it to 80,  put those limits in the lease. 

I am currently under contract on a fixer-upper Farmette (Maryland).

I'm looking at an 1950s, 3br/1ba fixer upper that currently has window units.

You really should look into the midwest, upper midwest and even states like Idaho, South Dakota and Wyoming.

I just got beat out on a very bad fixer upper house in Citrus Heights that was not even listed on MLS.  

I'm getting concerned because I know from all my BP reading/learning that expected PM rates vary from 5%-10%, so I was preparing to pay on the upper end of that to make sure I find a "Rock Star" PM (as BP books would emphasize doing).

Preferably multi family but if there's a good fixer upper single with a lot of potential I'd look at that too.

Buy fixer upper, rehab, sell on lease option, refinance.

More on my first investment, this quadplex is a fixer-upper and has the potential to add 200k+ in equity with about half as much invested.