It's easy for me to say, but I would call their bluff about a lawsuit once you get the lab results back (we all know what it's going to say).Are you paying for utilities? 

Purchase prices and real estate taxes tend to be way less, yet you can in pockets, find a great "best of breed" property and produce outstanding rents.  

Jonathan, I struggle with the same issue of not having enough space for parking - partly due to residents using more spaces than assigned to them and partly due to them not utilizing the space that is available (parking crooked). 

Top producer recognition?

More bedrooms and more storage space generally produces longer leases and fewer turn overs - and those are actually your single biggest expense in the long run.

Landlord pays utilities.

My strategy is to buy and hold single family homes in areas that produce good rental income and have significant potential for appreciation. 

@Tito Burgos I would argue if you use the money on a buy and hold, and buy right, you will be about refinance into long term money with a bank and take your Monday to many more deals.. it seems like that’s called BRRR on this site.This will leave you with your original cash and an asset that is producing cash flow every month.

)                           -   Gross Monthly Operating Income              32,642.00 Monthly Operating Expenses Monthly Property Management Fees                   832.00 Repairs and Maintenance                1,000.00 Real Estate Taxes                5,241.00 Rental Property Insurance                1,959.00 Homeowners/Property Association Fees   Replacement Reserve                2,000.00 Utilities                1,291.00  - Water and Sewer    - Gas and Electricity    - Garbage    - Cable, Phone, Internet   Pest Control                   155.00 Accounting and Legal                   150.00 Advertising   Monthly Operating Expenses              12,628.00 Net Operating Income (NOI)   Total Annual Operating Income            391,704.00 Total Annual Operating Expense            151,536.00 Annual Net Operating Income            240,168.00 Capitalization Rate and Valuation   Desired Capitalization Rate 10.00% Property Valuation (Offer Price)         2,401,680.00 Actual Purchase Price         3,100,000.00 Actual Capitalization Rate 7.75% Loan Information   Down Payment            620,000.00 Loan Amount         2,320,000.00 Acquisition Costs and Loan Fees              60,000.00 Length of Mortgage (years)                          30 Annual Interest Rate 4.970% Initial Investment            680,000.00 Monthly Mortgage Payment (PI)              12,411.76 Annual Interest            114,527.10 Annual Principal              34,414.02 Total Annual Debt Service            148,941.12 Cash Flow and ROI   Total Monthly Cash Flow (before taxes)                7,602.24 Total Annual Cash Flow (before taxes)              91,226.88 Cash on Cash Return (ROI) 13.42% The property is being given to me after completing 40 year certification (updated plumbing, electrical, parking, most units are decently remodeled.

Are there commonly utilized Lawyers & Accountants that specialize in these things used by the BP community?