In order to prove the excessive wear and tear it would be good to have your own photos at move-in and move-out as well as a room-by-room detail condition report that both you and the tenant signed at move-in documenting that the broken items cited were in working order at move-in.   

Some info:Purchase price: 250kPayment: All cashIt is a forclosed home.Resale value: 325k-350kCan you also please itemize the closing and holding costs so I can see exactly what it is I will be paying also?

It turns out that because i purchased a multi family on a FHA loan last year this property will be hard to finance with a traditional mortgage since i'm almost maxed out (Income to debt ratio).

All the info in the article is misleading and it doesn't address the main topic of ''wealth and happiness''.The true wealth consists of several items.

Co-signing is not something one should do, I'll join as a co-borrower but never as a endorser or  guarantor in that traditional sense. :)  

I like Kyle's idea of speaking to the other owner so that there's always a perceived "other party" to contend with.As for getting reliable people, outside of the traditional routes of finding tenants, you can also ask to post ads at the places of business that your most reliable/responsible friends work.  

.: $11880Marketing/Promotion: $1000Total Expenses: $35934 NOI: $35346Debt Payment (P&I): $2227/mo or $26724 annual(based on $450k purchase 25% down and 20 year am at 5%)Cap Rate: ~7.9%Cash on Cash: ~29% (based on 25% down and 20 year at 5% and $7k closing costs)DSCR: 1.32x1% Rule: 1.76%GRM: 6.31 (using AFTER vacancy Gross Rent)Debt Yield: 10.47% (based on 25% down $450k purchase price)Wondered what other items I should be asking the seller for in order to evaluate properly?

I also do the pro-rata allocation like others for general items not attributed to one property.

@Alex Agafonov@Jon HoldmanJon is right repairs or improvements done prior to the rental entering "service," is added to basis however interest and incidentals like property tax can be itemized on your personal schedule A.

I just don't use a realtor :)I can't provide my "exact" lease put i put together a list of all the "items" i put in my lease.