Inform the prospective tenant that due to the amount of people your going to anticipate a higher water bill and would have to increase the rent ( what ever you deem reasonable) .

The good thing about these criteria is that they are mostly static as opposed to often changing.Population: Look for population to be steadily growing = increasing customers.Jobs: A stable job market = a stable tenant base.Supply: Too much product = increase in concessions / decrease in rental income to attract solid, long term tenants.Demand: Product type.

I am quickly realizing it's difficult to find 1) properties which meet the 1% test, and 2) properties which cash flow positive from year 1 (unless we increase our down payment from 3.5% to something much higher).I would like to get two pieces of advice from the Bigger Pockets community in Massachusetts.

Do I list in the Rental Increase letter "All terms from the previous rental agreement will remain in effect" if I have never seen such lease or terms?

Here are more $$ details:Buy and Hold:Yonkers 4 unit multi-family house (5 minutes to Metro North station)Monthly expenses: $5kCurrent rent roll: $6k (can be increased with more renovated units, and current landlord keeps rents low to keep tenants)Renovate and Flip:Brooklyn (Bed Stuy/Bushwick) Condo 2 Bed 1 Bath 850 SQFT- 5 minutes to J/M train station$500k Purchase priceMonthly expenses: $3.2kEstimate monthly rent: $2.2k, $2.5k renovatedThank you all for your time and input!

Here are more $$ details:Buy and Hold:Yonkers 4 unit multi-family house (5 minutes to Metro North station)Monthly expenses: $5kCurrent rent roll: $6k (can be increased with more renovated units, and current landlord keeps rents low to keep tenants)Renovate and Flip:Brooklyn (Bed Stuy/Bushwick) Condo 2 Bed 1 Bath 850 SQFT- 5 minutes to J/M train station$500k Purchase priceMonthly expenses: $3.2kEstimate monthly rent: $2.2k, $2.5k renovatedThank you all for your time and input!

The housing development of condo type in my city has been increasing in the last few years.

If they are marketing and bringing you new properties, then a percentage or a flat finder fee for each property may be appropriate.If their role is purely administrative and they are simply managing the rentals once they are received, then I would only consider a periodic bonus based on the increased workload.

In CA I can email title company day of the sherif sale and within two hours I’ll get the clear to close title very or detail title report..... i am finding it very difficult here on the east coast  when I was an active buyer of courthouse steps our title company kept a running spread sheet of every NOD in the 3 county area and updated it daily for us.. then we call customer service morning of and they do a date down for us on the phone..  

If you have the mindset that you are there to serve your tenant (customer), then you will be much more successful in my opinion (of course in business, sometimes you need to fire bad customers!)