If your water heater is already 15 yrs old replace it before you put a tenant in there. 100% of the time it will break on the weekend or at night and you will have to pay extra to have it fixed or it will cause extra damage that you otherwise would have avoided.

If home has been vacant for 10 yrs and taxes are current.

Daniel,(I sent you a PM on this as well.)I've got a local contact with 35 yrs FHA multi-family exper.

I ran the numbers using a very generous 40% of GR as my opertaing expenses figure and I used a 20% downpayment over 30 yrs @ 6.50%.

Whilst I see prices just continuing to rise to due to ongoing worthlessness of the US dollar (compared to some asian currencies being imported by the heaps to the area), u see beyond that - that they will eventually hit the ceiling and CRASH like they did some 7-8 yrs agp.So yeah, ok, perhaps another crash WITHIN the next 5 years?

Lived there 5 yrs and the carpet looked the same as the day they installed it.

We don't collect more security deposit to match the new rent; but we’ve never had any superlong term tenants (longest is 3 yrs) and rents here in the area are not going up super-fast either, if we are renewing a tenant that means we have already seen how they take care of the home, and we don’t renew if there have been any issues with them paying the rent.We consider the following when determining rent increases: what market rate is, changes in expenses, inflation, and the tenant (are they a little higher maintenance tenant?).

I've stuck with plain white Correlle in my own home and 27 yrs of rentals.

Now that it is 2 1/2 yrs later, I am wondering if you ever signed up with them.  

Rent for more than 2 yrs and then sell, the CG will be taxable.