Now since you are buying the properties and the income stream, you are also assuming the debt.While it may be tempting and easier to just “forgive” the debt and start the tenant off under your management on a clean slate, I would not recommend this.

Stay healthy and mahalo for your kokua

This included changing over a few HVAC grates that had been broken by wild animals, cleaning out debris and yard waste from the backyard, installing a new bathroom fan, etc.The biggest surprise continues to be the loan that I took - not only did I have to pay for a rehab consultant to oversee the project on behalf of the lender (he cost me $850 on the first inspection, and $375 more PER draw after that.

I had contractors estimate the clean-up and repairs cost (including new carpet) to be approximately $10,000.

For me, I'd rather go the drama-free route and eat a month of rent, fix/upgrade/clean the unit, and get it marketed ASAP with tighter screening requirements.

Now that I think about it, I probably didn’t need a water mitigation service since it was clean water and a very minor leak.

The day before a guest showed up, they messaged my wife, saying that their relative looked at our reviews online, and that if all these problems weren't fixed and the pool wasn't cleaned and on and on.. then they want a full refund.  

If I did have a short term rental (we are in the market for one, hence the trip) I think I would post the additional cleaning and sanitation measures that are being implemented to ensure cleanliness of the rental in between renters.

I am looking for a buy a hold strategy for long term and making sure that It cash flows at a healthy rate with the 50% rule initially before doing the math.

Then I was able to clean up the upstairs and get new renters there with a higher rent as well.Feb 2019, purchased my second duplex for $77,000 off market.