If the tenant fails to complete the job, or does it poorly, you'll have to hire someone to finish/fix it and you'll be out the rent money. 

I'm making too much money in RE, you could not afford me.

Sometimes, charging LESS rent actually earns you MORE money in the end!

@David C.About once a year, I post about finding some absurd amount of money inside the wall of a foreclosed house or behind a water heater in a dark basement.

I guess I'm just learning more until I can fimd an equity partner for a deal of can save more capital. 

The old saying goes, buying is where you make all the money, so if you are buying..

Hopefully, if a "friend" asked to borrow money from you, you'd check if he had the disposable income to pay you back.As for your accountant, that's up to you. 

Keep the money for the days it was vacant (ie if you rent it Aug 1, then you keep 1 month's rent) and any damage that you had to repair. 

One transfer of money from a personal account to an account associated with the property and you're toast!?

With The right sellers you are probably catching up back payments and saving them from foreclosure so having a little debt left out there is small compared to having a foreclosure on their credit.