The biggest downside, IMO, is that since it's close to the coast, the hurricane danger is magnified and consequently so is the cost of insurance.

Thanks for the replies.Brian Hoyt, the only thing stopping me from using the same logic as you in terms of paying for my last year's tuition, is that a large percentage of the loans are unsubsidized, so my potential wrong decision to not pay for the tuition up front could have more significant consequences.

As Brie mentioned, make sure you know and follow your fair housing rules as you can face serious consequences if you are actually choosing applicants based on whether or not they have children.  

(we are about to possibly get statewide rent control) We landlords all need to seriously consider the consequences of these perceptions and our actions.

In my short time as a property owner and manager I learned that in writing is always the best method, and if there aren’t rules and consequences that are followed to a T then there will be issue!

You have already trained them to pay late with no adverse consequences.

How does this kind of trap get built, and what are its consequences?

Consequently, we raised them. 1BRs were going for about $825/month and 2BRs were going for around $925/month.

Putting property into an LLC creates no tax consequences - good or bad.

Do you have to have that one-on-one conversations about CONSEQUENCES of their failure to follow your lease?