And do not file BK Chapter 7 UNLESS YOU HAVE no home or cars.

Try looking in their car as a lot of people would suggest-- if they don't keep their car clean there is a good chance they won't keep your unit cleanAlso..

But, you could spend money maybe on the exterior, roof, car park to make it more attractive for a tenant.

Some facts - 4 bed, 2 bath, 1 car detached garage, alley access - it's on the corner of 14th and Locust; 14th is busy, not like Colorado or Monaco - 80+ showings since week before Thanksgiving - Original list: 474,950, lowered to 459,900 early January - consistent feedback: love the rehab; hate that 14th St is busy and gas station behind the alley; priced about right or slightly high- the flip next door sold for 432k in January but is not as big or as nice a rehab; gave a concession for landscaping to accommodate for gas station behind the alley (my listing includes this concession as well)I am grateful for any insights.

If I can help it,I only buy units with all utilities paid by tenants.When I started out,I got an older duplex with a shared meter.Have not repeated the mistake since then.6 months ago,water bill at that unit jumped from 45$ to 2000$-in one month.Then it stayed that way for three billing cycles before I caught on to it.Turns out the neighbor had connected a hose pipe to the backyard pipe while tenant was away and started running a car wash on my dime.When informed,tenant was essentially nonplussed.Not her business.

The difference is that when a life event occurs, (sick child, fender bender, bad transmission in the car), the dominoes start to fall which CAN result in issues with rent payments.  

Go with 6 months for personal expenses, as mentioned by @Dan Fisher- A car is a classic example of a Robert Kiyosaki liability.

Nicely done, =)  however my house is considerable nicer/better area, 2 car garage, corner lot (you get the picture) and that house was pending in under 48 hours.  

This unit is larger than my fourplex units and has a two car garage for each unit so will likely rent for more than 1100 per month.This unit needs a facelift, about 20k to get the rents to 1100+.

And then a rooster chased after my car.