Though, I'm considering giving this deal to an investor if I can get the price down low enough.The place is a complete mess, the garage is used as a bedroom, paint colors are neon colors, countertop tiles are black, everything is outdated by @ least 10-15 yrs, but no structural damages.

I’ve dealt with one bad tenant that did some dumb things like set an iron on new carpet in a bedroom, stained several spots in the living room, broke the lease and left early, etc… ended up keeping her security deposit so the damages were sort of evened out.

If you are required to give any personal notice then make a new lease to the person behind the door.Having two individuals who are not married can present problems as to who can be made to pay for damages, it may be equally between them, not good, or it could be either one being fully liable, taht will come down to state law and local custom to how a judge thinks.I have had many college students and this is commonly arranged in this area.

They will not accept less than a few points off of what they feel the property is worth minus additional costs for closing, commissions, potential taxes, damages to the property, etc.What you want is to "buy short" or buy into a home that has plenty of equity.

Both these changes were extremely damaging.

Since the tenant's water/sewer bill will be lower due to the septic, is that an opportunity to jack up the rent and offset the extra costs of maintaining the septic system?

The numbers are below.monthly income 8,400 at 100% occupancymonthly expenses 2,200 including taxes, insurance, water and sewer.I have read Mike Rossi's book and like his approach to expenses being 50% of gross rents when analyzing a property.

Cabinet, countertops, sinks, oven, water heater, air conditioner, heater, and some doors were missing.

(a) A landlord may not charge a tenant a late fee for failing to pay rent unless:(1) notice of the fee is included in a written lease;(2) the fee is a reasonable estimate of uncertain damages to the landlord that are incapable of precise calculation and result from late payment of rent; and(3) the rent has remained unpaid one full day after the date the rent was originally due.

I have to agree with Kyle that making offers without the intention of carrying them through could cause a lot of legal problems - not to mention the damage to your reputation!