My tenant has not been paying rent for four months now and refuses to vacate.

Do you prefer your tenant shut down his business and stop paying you rent because they have no income?

Great insight Adam, you are certainly right , sometimes we see this inventory level going down and immediately think that more houses are sold and here clearly shows that listings has been either expired , withdrawal or just canceled We are experiencing the same thing with rentals , prices has dropped at least 5 % ... 

This is one of those questions where paying a few bucks for professional advice might save you thousands later. 

Who pays for repairs?

Money down the road from a historically steady 10% increase in stocks that you will pay taxes on to collect, or immediate cash flow with tax advantages and an annual appreciation of 3-5%.Feel free to dm me if you would like to chat more on the subject 

I'm just gonna take the specs to local engineer or architect pay whatever consultation fee and have them review it.

Prices might definitely correct themselves over time across the country, but I don't see any projections of them going down 30-40% anytime soon and all the projections I've seen, prices are going up.But with rents being so high, and prices still relatively low, compared to a lot of other markets in the country, my experience in this market doesn't lead me at all to believe the bottom will fall out anytime soon.If you've been in Northeast Ohio over the last 5 years you can see for yourself how much they've built up the downtown and University Circle area and literally have poured billions of dollars into it's medical infrastructure, which is one of the best in the world, creating thousands of high paying jobs and people willing to pay high rental prices.But I do agree with Nathan that it's all about having the right team and property management to be successful in this market. 

Paying down your mortgage is 100% risk free. 

This will be my primary residence and my partner will be paying some portion towards the monthly expenses.