In the end it will save you a lot of headaches and even increase value of the home in the future. 

While you are looking within that circle you are informing everyone that you are a real estate investor which increases your chances of getting deals.

I suppose rent could be increased to account for the higher utility bills, but in general is there a general clause in a lease that you normally put in to disallow things such as the window air conditioner or other modifications to the unit.

What features are attractive to you? 

Some points about me and this property:- it consists of four 1-bedroom apartments - rented to young professionals- this is B property in a B neighborhood - current rents are $2300 ($550x3 and one $650 - the $650 is the newest tenant and the apartments are identical - so it sounds like the rents can be increased in the other 3 upon lease expiration)- it's listed at $139,900 and has been on the market for about 3 months- my calculation on this property is based on full asking price and current rents- The COC ROI is misleading based on the way I did the inputs -- the only cash out of pocket will be closing costs which I've been quoted to be about $7000  out of pocket. 

Cons- It attracts unwanted behavior. 

Each flip *should provide enough profit to increase working capital even though I'm repaying the 401(k) loan.  

You can always increase the liability coverage, or purchase umbrella policy as mentioned. 

Needless to say, I feel they are not going to respond favorably to my dramatic increase in rates.

The last thing you want is increased vacancy due to pest problems.