Eating cheaply or at fun places will be no problem.

I was out eating dinner and lost track if time.

It is more expensive, but I suggest you find somebody who will use heat treatment to deal with the problem.Also, the tenant's personal property could have been harboring eggs that hatched.

If the tenant has to pay the money you better believe they will tell you about it.The tenant also lets their buddies come over to wash their cars,the tenants takes extra long showers,and also lets friends come over and run the washer and dryer constantly because their friends do not have a place to do clothes themselves.I have also seen on a building before where the rent included the power bill.A tenant had the A/C on with setting at 60 and a blanket on themselves because they were cold.So long story short you want the tenant to bare the burden of all utilities.Trash can be included with apartments as that is simple.Utilities can eat a landlords cash flow ALIVE.

I noticed that while everyone was warning you about high taxes and how they eat through you cash-flow no mentioned for you to be equally careful of condos or anything that has a HOA attached to it.HOA fees can kill cash-flow with brutal results.Bottom line... make sure your purchase price will support the cash-flow you need given the high operational costs you are sure to experience.Best of luck!

Does have a very nice nest egg from a divorce where he was a stay at home dad.

This property is probably available at such a low price because someone else could not afford the rehab. your estimate seems low considering a new roof alone with full tare down can eat up a significant part of your budget.

The management entity will have 0 assets so if something goes wrong on that end, go ahead and sue, you hold no assets there.Keep in mind that if you 3 have "lots of capital" you will want to either use leverage to reduce the equity position or divide the equity between multiple holding companies so if something goes wrong, you don't have all your money/eggs in one basket for someone to sue for.Keeping in mind that you must operate each entity as a stand alone entity, not combining or comingling funds and operating each entity as a business to avoid the potential corporate veil piercing.

Municipalities, government can partner with larger players and together can eat your lunch....meaning make things so difficult that you can't conduct business and you will be swallowed up like you are doing at the firesales.

Based on the 4% rule of thumb (you can safely spend about 4% of your nest egg each year), these folks are getting only $9600 a year from their nest eggs, plus social security.