Until and if that day comes, the tenant is responsible.To me, it's not different than if the tenant has a small party and somehow the carpet suffered irreparable damage. 

It's near Penn State and I don't want students in there partying and damaging the property (because that is why I had to refurbish it!).

thank you @Mardochee Pierre very much although i do plan to flip it for a profit i would like to live there a year or two and make it a vacation rental when I'm not there and really don't want an inland house although i do notice a majority of the waterfront homes are actually just on a canal and there is the whole hones beech long beech rockaways etc... acting as a wall in my opinion.....mainly could you perhaps recommend an experienced inspector that could assist me when i visit the open house... they do provide all sorts of inspections and property information but i just don't trust them after all the whole thing is organized by some 3rd party company making a profit off the 6% commission at the auction so obviously they could be less than truthful... also any information from the state which owns the homes at this point i really wouldn't trust because i know the state can say one thing and than a local town official could come around and say oh no no you need to teat that house down etc...

Hi, I'm a new investor who has listened to almost all of the BP podcasts and have read a significant amount of information regarding real estate investing. This is my first post and I look forward to the help that thi...

I think 500 dollars is a good number to market with every month, but ultimately I came to the conclusion that we live in a time where you can tell people exactly what you want or expect so that way your dont waste either parties time. 

It's a win-win for both parties involved.

Hi Ann,You can get a BPO and O&E for a bit less than FCI charges if you go direct to a third party provider.

I guess i might be little late for the party ...but better be late than never :-).

I know on BP they always say don't rent to family and friends and for the most part I agree but to your kids especially when they are responsible and in college I don't see an issue.

Make a similar calculation and provide the numbers you come up with, and of course you need to be conservative (and of course it is the right thing to do.)