I tried using front bungalow as a flooring studio that did not pan out but always knew the potential to flip is there. 

If the tenant contacts us about some deficiency in the unit that falls under our purveyance, i.e. leaking toilet, dead AC compressor, we send someone out to take care of it.

They look great on paper but rarely pan out unless you are local and hands on.

(California Association of Realtors Lease in CA)Personal Favorite: All items thrown down toilet must be retrieved by tenant lol@Elizabeth Colegrove, @Marcia Maynard, @Mark Ainley, any favs?..

Yeah, cost a couple of thousand, but now the tenants toilet won't drain through her bath.Trees - look for trees that are dying on your property and get them brought down.

Other than it being hot in the winter (steam heat; radiators on the ceiling) and later realizing how tiny it was (all the apartments in the building was only about 800 square feet) I remember the only problem we ever had was the risk of the toilet overflowing during very, very heavy rain storms (dad built some type of wooden contraption to place in the toilet during heavy summer rains to push pressure on the water). 

In my own home when I put laundry on the 2nd floor I basically had a shower pan with a drain built, and installed a leak detecting cutoff valve.

A tip--- put wet mortar mix under the footprint of the tub pan when installing to support the bottom.

When it's an upgrade (typically painting, flooring, windows or something as simple as a new toilet) I ask this simple question: "If (upgrade) was done how much higher would you expect your rent to be?"

Some guests will book for 3+ months and expect to never run out of toilet paper, shampoo, paper towels, or ever have to wash towels and linens.