You fail to the systems in place, keep strong standards and the failure rate is light.

If it is unclear as to whether you have met the standards of the Illinois Code, it is recommended you speak with an attorney for an explanation of Landlord/Tenant Law.

If you haven't found  renter in 3-4 weeks, drop the price (but not your standards).

This property has some one-of-a-kind qualities namely a nice creek with inbound and outbound waterfalls at each end of the property (its on a hill w creek canyon).I've gotten the septic scoped and certified, well is good, power needs to be reinstalled as property was abandoned years ago.

In fact assuming attached 4 small standard San Diego units, my maintenance/cap ex would be $1200 or almost 12% in your scenario.  

But the answer for everyone may differ.Here are the personal attributes I see in those able to achieve a higher than market ROI, enough higher to be able to “scale”.1- Knowledge of real estate principles, real estate law and real estate finance2- Minimum 3 -5 years full time, or near full time experience directly related to real estate investing3- Ability to utilize technology for increased efficiency, capacity, and accuracy4- Excellent hired legal counsel and excellent hired marketing help5- Established method(s) of obtaining consistently high QUALITY deal flow6- Ability to manage and choose people who are NOT employees: Attorneys, Appraisers, Mortgage Brokers, Real Estate Brokers, Title Companies, Surveyors, Marketing Specialists, Accountants, Contractors, Consultants, Property Managers7- A VERIFIABLE track record of success8- Ability to identify, analyze, and negotiate a deal that can be “worked” for “enhanced” ROI9- Some type of competitive advantage; for example for me it’s my ability to analyze and identify mortgage loans that are actually less risky than all other lenders believe (on the investing in debt side), and on the real property side it’s my ability to analyze”pull the trigger” with LESS information than other investors need,  combined with the ability to pay cash, or raise significant capital almost instantly as well as being able to obtain loans at the lowest prime customer bank rate with no recourse or personal liability.  

You get so much wealth and start getting older you enjoy the business but focus on quality of life more and memories. 

There's a minimum standard that landlords should abide by - sure.

Hi Elizabeth - I know how tough it can be to manage laundry for a 6BR rental, especially with high-quality linens and tight turnarounds.

We will quickly correct the excess spending, and fill the vacant units with quality residents.