They go to tile the floor, pull the toilet, lay tile, then use the standard wax ring....it’s not tall enough. 

Dealing with a new tenant who moved in and complained about a spot on the tile behind the toilet that the cleaner missed, I am going with a list of the cons...flipping there are timelines tied to money and unexpected costs that cut into your profit, short term rentals you have lots of hands on work with the constant change over in tenants and long term rentals you can have problem tenants or high maintenance ones.If I had unlimited resources and time, I'd flip places. 

I wish I knew if I can correct the tile for this thread....hmmm

Hi Laura,Yes, I would suggest you have the tenants sign new leases agreements so you can lay out your terms and conditions so there is no misunderstanding of what is expected.

To date, the house has been completely re-wired, basement stair covered in order to add 2ft in the bathroom and bedroom #1, all new cabinets, all new appliances, granite countertops, hardwood added into kitchen and bedroom #1, updated plumbing to include drinking water (replaced black pipe with PEX), and currently in the process of renovating the bathroom (wall tile, new fixtures, floor tile).

Depending on how tall the crawl space is in, if drain tile needs installed and how difficult that is.

I need to break up an old patio, level, lay drainage, and resurface with some other masonry patch work.  

Not to lay it on...but this is a great textbook example of why you should consult your advisors (the ones that you pay) before you do something like this.It might have made a lot of sense for your parents to put the house into a revocable living trust, which would have avoided all of these issues, and when they passed, the house would bypass probate, be transferred to you, and you would receive a step-up in tax basis.Hopefully your parents filed gift tax returns for the year of transfer if they had an obligation... 

Remodel in 2020 w strip-vinyl, tile & carpet, new cabinets, sinks & toilets in baths, granite in kitchen, utility & baths, LED light fixtures, outlets/switches, and GFCI's.

Remodel in 2020 w strip-vinyl, tile & carpet, new cabinets, sinks & toilets in baths, granite in kitchen, utility & baths, LED light fixtures, outlets/switches, and GFCI's.