Before I really dive into the waters I really feel as if I need to have a firm grasp on the construction aspect of this business.

- Having a 4 years balloon to my buyers for a house under water isn't putting too much pressure on them?

Wes, I've just uploaded a file to BP - it is a list of examples of wear and tear vs damages.

Looked at the pics.I would power wash the sidewalk next to your building as well as the entrance and patio.They are real dirty and you can see algae growing on them.You can rent concrete pressure washer with a high PSI at Lowe's or Home Depot for cheap.Make sure you spend a little higher amount to get the high psi sprayer.Do Not use it on the house but concrete only as damage can occur.The houses use a lower psi sprayer than the concrete ones.I would say you are looking at identity disorder with this property.I get your story about it but what else is around it??

You also need to take into account if your competition is waving the security deposit for qualified applicants,charging a pet fee or not,paying for any water,sewer,trash for the tenant included in the rent,including appliances,or giving a rent credit on move in, and many other factors.Rent rates can look good until you see how many landlords you are competing with,quality of the product,and incentives given driving down the net rent before debt service and depreciation.

If they skip or break the lease which results in damages, you can file a claim in court and the resulting outcome could result in a judgment against them.

If there is no public sewer or public water available, the minimum lot area is 40,000sq/ft2.

Long story short, in July, I had an unusual storm in Chicago that put 6 feet of water in my basement.

Doing something like taking $15 grand out against your car at 3% gets you a long way towards that 25% equity stake you need without damaging your cash reserves.

Gas heat, City water.