What most people are missing is that this just a rule of thumb, and it’s meant to apply at the midpoint of the market cycle.Right now, we have historically low cap rates, and people are mechanically applying this rule thinking that they are being conservative.

When I price out a rehab in plan on upgrading the K&T wiring. 

There is a BIG difference in having a penalty for having an unauthorized pet and have the rent go up retroactively for the entire time of the active lease.Yes you can have a penalty fee and a per day fee for every day the pet stays after you find it......totally legal even in CA..... no sh*t......But what you are proposing is that as soon as the unauthorized pet is discovered, the RENT retroactively goes up for every month since the lease was signed.... the pet may have been there 2 days, but the rent now retroactively goes up for the last 4/6/8/10 months since they signed the lease...... so that could be a $1500+ penalty.......By all means have a penalty....

This is just a case of dotting I's and crossing T's.

Thank you & yes what I meant was does the law change between counties

I meant that having Life Insurance makes sense if I have a spouse and children dependent on my income.

If not you do t need to do anything.

If you have not already read “Rich dad, Poor dad” by Robert T.

I would get with an attorney on this, I just picked up a property with 14 people on the deed because of the heirship sh*t show 

@Henry T.