If you didn't notice anything during the inspection process pre-closing, or just weren't looking for any smoke smells/damage, try to get over there ASAP to check for it (changing out the furnace filter is always an easy and valid business reason to stop by).All that being said, I can't stress enough the importance of getting off on the right foot with inherited tenants. 

I do have an umbrella policy to cover all my assets but that has nothing to do with what replacement cost is to having full coverage on a property.ThanksDaria

Once you add that 3rd & 4th night to the cost, it's too expensive for those types of groups.

Evaluate the lender's reputation and experience: Choose lenders with a proven track record who have been in business for a while and have reviews/testimonials you can talk to if you like3.

I used the values from the realtor.com website for purchase information and expenses, and the bank of america calculator to estimate closing costs.

It's 1/2 a block from a busy intersection, however, there isn't much going on, on this block.

He left on his own, but when all was said and done, he owed me over $8,000 in unpaid rent and damages to the property.The lesson I learned was to have my processes in place and treat this like a business.

@David Spangenthal They have an interesting business model for sure...and if it works for you and you are comfortable with it, then go for it.

Mistakes that cost a lot of money can happen when you're feeling emotional.

Most investors in our network fund the purchase and rehab with a hard money bridge loan (10-15% down on the purchase and 100% reimbursement on rehab costs).