Being that this is more of a study than an actual purchase, I'm really glad to get feedback from experienced members of BP so that I can learn what to look for when I'm ready to pull the trigger on my first investment property.

Bill the cost to the tenants for changing your locks without your written permission.

Lock in.

Lock that deal up, decide if your going to rehab it or wholesale it.

There's no magic for crafting a sequence for messages (from my experience) ... lock down a good message you want to put across to your receivers, measure/track it, and tweak as you go!

The fee locks in their rental rate, purchase price, and reserves the property for them to have the option to buy so you cant sell it to someone else during the option term.

I'm going to do a lot of what you guys suggested and anyone who is on a month-to-month lease, they'll have to begin paying the pet fee and anyone who wants to get a pet while locked into a lease, they'll have to sign our pet addendum and begin paying the fee as well.

We locked in a rate, got an appraisal, and we are currently about a week from closing.

As George mentioned, there may be other ways to structure this or similar investments that will not trigger UBIT.

If you can ever get one under contract lock it up.