My apartments are 30 years old.I have a maintenance guy do unit checks every 2 weeks.Basically checks water heater,heater,outside unit,light bulbs,ceiling fans,electric,plumbing,etc.We have water included in rent so stuff like replacing springs and o rings in the showers to prevent drips and replacing flappers in toilets to keep the water from running all the time.Sometimes the shutoff valve at the wall for the toilet doesn't close all the way to off or the float mechanism goes bad.You can buy a water pressure tester at Lowe's for 9 dollars.Just screw it on check for pressure.Should read 60 to 80 pounds.If it's higher than that you have to find the pressure regulator valve next to the water cutoff for the unit and adjust it.After adjusting if the pressure doesn't go down to 60 to 80 you have a bad pressure regulator that needs replacing.The importance of this is pressure is set for the cities and counties at around 160 for the fire hydrants.If pressure is high inside the apartments it can cause leaking and premature failure of plumbing parts.On the insurance we are required for replacement value and can't do market value.

With all of the new regulations and rulings coming down on banks lending rules change daily these days.

Would the listing agent even allow you to do that and could they open themselves up by doing so considering their fiduciary relationship is to their client and none exists between you and the seller?

That is why you want to buy below Market Value.Market Value is the price an asset will trade (sell) in an open competitive environment.Defined as follows: Market value is the estimated amount for which a property should exchange on the date of valuation between an educated buyer and a reasonably motivated seller in an arms-length transaction after proper marketing wherein the parties had each acted knowledgeably, prudently, and without undue influence.The delineation of "After Repair" or "As Is" technically exists only as jargon amongst REI groups and conversations.

Ebere,I must distinctly disagree with you as IRS rules and regulations state that all expenses in preparing the property for rental activity(defined as listing for rent or actually renting which ever comes first) are added to basis.He inherited the tenants when he filed for the deed of a home in which as he stated the intent was to flip.

Luckily, I owned commercial real estate already and that qualified Rich Dad as additional education for an existing business.

The areas that experienced the largest property value drops (and thus have the greatest deals now) are the areas where the local banks have been burned the worst, and these banks are under pressure from their regulators and their own Boards, and have either completely withdrawn from investment property lending, or are severely limiting it.You would also be well-served to cultivate some private lenders, and disintermediate the banks out of the picture, as they're just a PITA.

A lot.Now, it does seem odd that an existing loan could start imposing new requirements.

A statement that you are making an election under section 451(d) of the Internal Revenue Code and Regulations section 1.451-6.

Now i know that flood insurance is a small price to pay upfront, I not only had to work with the code office, but FEMA regulated how I was to get my homes back to their standards.