Likewise, you do not own the parking spots in front of your house, as mentioned above they are public streets and anyone is allowed to park there whether they live in your house, live 100 miles away or down the block.

If you could prove the tenant was at fault for the damage (ie, was negligent by not cleaning out the lint trap, etc) would you bill them for the repair/replacement cost in that case?   

For a first investment property though, I’d recommend staying away from foundation and structural issues, or serious water damage.

During the debacle, while we are attempting to convince the bankruptcy judge to give us possession, a hurricane does damage to the building so extensive that the building is a tear down.

I don't want the damage to expand and become a bigger problem for me and the tenants.

Buying single family homes that are in too rough of condition for the none investor, but also not enough damage to do quick flips for a full time house flipper. all three deals have provided around $20-25k in returns after all expenses.My question is as experienced investors if you were to start all over what lessons learned do you wish you knew then that you know now?

Here are just a few examples: missing handrails, no gutters or broken gutters, exposed subfloor, exposed wiring, insufficient heating elements, dry rot, mold, water damage, rotting or leaking window sills and trim, appliances that don't work, deck and fence in disrepair, wet basements, peeling paint, roof over 20 years old could get called out.Hope this helps and best of luck to you!

I am currently running into a road block with local bank (DFW area) and our mortgage company that services the loan now.

I am interested in a LTR property in downtown (May Park area just a few blocks off Broad St).

Lauderdale, FL.I am interested in a LTR property in downtown (May Park area just a few blocks off Broad St).