As you get more serious, a miter saw and air tools will make many jobs easier.I'm of two minds.

And you do need venting, though you might get away with an AAV (air admittance valve.)

I read that Las Vegas has one of the highest number of foreclosures in the county but the banks aren't releasing any of them so kinda takes the air out of that balloon.

However, maybe you can coordinate a meeting with both tenants to help clear the air?

Now I was not in the room with you and the seller in the conversation here.You may want to look here for docs.http://www.biggerpockets.com/files/user/REISkillsthe way I do it is:Lease and separate option and a letter of intent.have the seller go down to my lawyers office and sign the docs.now I have equitable interest to market for the tenant buyer.Get on postlets.com and show pics or a video on you tube of the walk through.Put a HUGE sign on the yard and Rent to Own bandit signs.Have an open house on Thurs eve 4 7 pm, everyone fills out an application and an app fee non refundable to pull credit and a refundable deposit, about $1000.If they get approved they have 48 hours to get the balance of 1st, last and balance of option fee.Money goes through lawyers account and they do a 1003 mortg app with a mortgage broker, hopefully a RMLO.When all the funds are collected, the lawyer create a new lease and a new option contract for the seller and the buyer to sign, and both the seller and buyer sign my option release document.

I still do some of the repairs but you can only keep up with so many property's and have to use a handymanAt times you may want to try some repairs yourself to get it done right then,if so ,there are lots of examples on you tube to look at .

Just to clarify the depreciation schedule for air conditioning.

I own and run a tango dance studio in Buenos Aires, Argentina and we strive to achieve the essence of the philosophy that I read in the 9 core beliefs: adding value, supporting growth and learning, patience, prudence, etc...

I live in Buenos Aires and as such can not visit properties or have face-to-faces with seller or loan officers, etc...My thought until now has been to leverage my cash acquiring conventional financing on four SFRs.

Lying because you're afraid of your tenant is not a good enough reason.With that being said, I sure enjoy having multiyear tenants who think I'm a breath of fresh air to deal with after having their previous landlords lie to them on a regular basis.