Water on the property is not individually metered.

The only issue with a flat roof would be pooling water if not done correctly or the potential of cave in if you're in a snowy climate.

I just closed and was given a check in the amount of both tenants deposits.Right away you want to call and transfer any utilities that the previous owner was paying, as well as call and set up a time to introduce yourself to them, as well as lay out clear guidelines and expectations as to what to expect with you as the new owner, ie. where and when to send payment, contact info and info on what to do if there are any issues that need to be addressed.I just closed on a new duplex and acquired tenants, i called right away and started service for water and garbage for the tenants, as well as met with them in person, I showed up with a copy of their current lease agreement for them to have as a refresher, a basic rental application for them to fill out to make sure i had the most current information about employment, tenants, contact info, as well as had them make a list of concerns and things that need repair. 

I'm working to refine my property analysis spreadsheet and am having trouble figuring out what to estimate for water/sewer for the Chicago market. 

Overnight the ceiling in the main floor bathroom of our four plex collapsed due to a water leak.

Overnight the ceiling in the main floor bathroom of our four plex collapsed due to a water leak.

Overnight the ceiling in the main floor bathroom of our four plex collapsed due to a water leak.

If you do your own maintenance, would you be willing to drive over there at night when there is a water leak?

It's been 2 weeks and the kind of applications we are getting are far from ideal...bad credit scores, delinquencies, hard to figure out how much do they make (meaning self employed in some cases) are some of the issues that made me reject 4 applications so far.My property manager (who helped me buy the house) has posted the ad on all relevant websites, we have priced it at the lower end of the range at which similar homes are listed in the area, but still not happy with the applications.I would be interested to hear what folks, knowledgeable about the Austin market, think...is there more that we can do?

Newer buyers the sellers like to know they have an experienced broker behind them that knows the process and can help guide them along the way.If you can say price range you are looking,state, STNL or MTNL, what loan to value, and what cap rate you are expecting then I can give you an idea if you are realistic or stop looking before you start. i review about a thousand of these a week for clients nationally so tend to know state by state what cap rates are at for what price range for NNN - STNL and MTNL.There are a few books out there on the subject.