I am looking just as much for a contractor I can do business with in the future just as much as I am looking for someone for this specific project.It would be really great if we had a list out there somewhere for everyone on this forum with attorney, CPA, realtor, contractor etc. recommendations for everyone here to refer to.

I do wish you luck on your endeavors, but please update me with the address of any property you start development on.

@JEFF D. wish I could be more helpful to you, I have bought and sold 2500+ units and never had to do a Phase 2.As you finish out your due diligence period, and assuming you will sell this asset at a future date, a Phase 2 could limit the number of buyers in the future so give this 12 unit deal a real close look to ensure it is a solid deal.Good luck!!

So any way you can improve operations (raising rents, reducing vacancies and expenses) will have a compounding effect on how your business is valued (code for forcing equity), allowing you to potentially refinance and get cash out of the property to use toward future acquisitions.Tenant experience. 

I am in my 3rd year of college and I am starting to narrow down on careers I want to pursue in my future.

Thank you to everyone who chimed in, this has been SUPER helpful.I've been able to negotiate returning half of the deposit with the tenant so I am going to bite the bullet and pay that out of my own pocket.Going forward, I'll remember this as a lesson to make sure this is covered (I'll definitely be buying more properties in the future).Thanks again!

We are looking to get into residential for the foreseeable future and I understand each city/area is specific to itself.

I went to a couple of local workshops and decided that buying and flipping was too big of a place for me to begin (maybe in the future, I'm not ruling anything out).

In the future, any similar situation, hire someone else to do the work, show the Tenant the receipt, deduct the amount from the security deposit.

Marines do not start thinking about their future until they get out; that's why i mentor my guys to think bigger and bolder !