For cap ex should we have a combined savings to save into or just honor system?

What if the house caught on fire at some point and was not repaired correctly or not to code?

If ownership of a community is running it only for maximum short term gain, homes will depreciate because people will be looking to leave.I would also concur with John on the hazards of pre HUD homes, and most of the time for anything build since the last major HUD Code revision.

This is determined by local market forces, so just ask your realtor to give you typical cap rates of a certain zip code.

Use one that has an easily changeable code.  

Hi @Rudy Manna:Generally stairways to an attic don't meet building codes for the attic to be livable space.

@Charles Wiegert is right - if the fence and shed were not permitted the city/county will most likely give an order to remove them - especially because that are not compliant with code.

You can set a minimum housing code as an addendum to the lease to 'set the tone' for your tenants.

Should I be going for forclosed / pre for closure with no equity and short sale with the bank from either door knocking or cold calling vs hunting down high equity deals with sellers who could possibly become motivated based off receiving a mailer or a phone call vs others like see a for sale buy owner sight , probate , tax liens/tax delinquent , housing code violations or absentee/vacant which varies in reasons it's self ?

I was leaning on this strategy to work on by door knocking or by calling vs hunting down high equity deals with owners who could possibly become motivated based off receiving mailers or my phone call vs others like calling for landlords or probates , tax liens / tax delinquent ,house code violations or absentee / vacant lists which vary in reasons for its self ?