Almost three weeks later, the deal fell through as there were numerous damages to the property and code violations etc. and it would have cost me a fortune to fix it.Now I'm stuck with no property and a big capital gains tax bill to pay.

Ryan Dossey yeah I'm trying to get him the HELOC so I could use the funds to make some deals but his credit is damaged.

Seeing as I would be responsible (possibly treble damages), I can not trust that a new tenant does or does not give the old tenant their deposit....then later on getting a court action me from the old tenant for not getting their money. 

If you happen to buy in a growing submarket you can do quite well.Compared to investments like stocks & bonds, you get a solid asset you can go and see.Cons: Individual tenants can hit you pretty hard, whether through unpaid rent or damage. 

there ya go winner winner chicken dinner.. in my experience this is the norm. .its when you get the one from Hell that strips the whole place and causes untold damage that its a bummer.. good job good luck

Hello friends,I have some tenants that left my rental with a fair amount of damage.  

The buyer claimed to be entitled to damages in excess of $100,000, based on the difference in value of 1,000 square feet (the 3,750 advertised versus the 2,750 measured by the engineer), and sought punitive damages.

Refi up to 80% LTV and then take a HELOC for the rest or some combination thereof. 

I love seeing a home being restored after years of neglect.  

Going through the eviction process could turn out to be costly from fees and any damage that might be caused from putting a tenant in distress.