Essentially, the law says that when you rent a property, you make an implied promise to the tenant that the property is in a habitable condition.

Buy with a margin-of-safety.

I am trying to build a portfolio of real estate and would like to be able to refinance, pull equity out and purchase another property and essentially follow the typical Brrrr strategy going forward (rent out the next one right after reno).

I also wanted to change the lock for the remaining 2 tenants's safety but they don't want to pay for the new keys stating the one who left need to be accountable for his actions.  

quick numbers:$135,000 asking$27,000 down payment (20%)$108,000 mortgage at 5% (guess) = $580Taxes $1200/year = $100/monthInsurance $1200/year(guess) = $100/month (guess, shop around)PITI = $780/month (meets 50% rule)plus10% vacancy = $175 ($1740 rent x 10%)10% management = $17510% capex = $175Sewer/Water bill (I find it hard to believe that tenant pays this) = $150/month (guess)trash/snow removal = $50/month (guess)10% miscellaneous (advertising, cleaning, buffer, etc) = $175/monthtotals = $1680cash flows = $1740-$1680 = $60 Essentially, you will break even if you turn it over to a property manager and are never involved in the day-to-day operations. 

I'll bet it's a major consideration for families (behind safety and school district).

My wife and I are funding the down payment and will pay his living expenses (we had already saved for those expenses in 529 and ED-IRA), so essentially, we are taking care of 100% of the expenses and funding.  

honestly, I would install carpet instead of laminate if that were my only 2 choices. the problem with laminate regardless of price is that it is made of essentially compacted fine wood fiber, like cardboard, and the edges are not sealed, because of this, generally on the butt end, any small amount of moisture will cause it to swell.

I get it that there should be basic protections of health and safety and liveable standards. 

@Matt R.https://www.kcet.org/shows/city-rising/city-rising... this is on KCET "public television" It's sponsored by CALIFORNIA ENDOWMENT who gets funding from California Governemnt CALIFORNIA ENDOWMENT gets $billions from the govenemrn then pours it into Tenantstogether.org So essentially our taxes are paying this organization who wants to increase government control of private property.... thus upping their control and paying government worker salary.