If an attorney is willing to comment on this subject, listen to them.

Also, I'm curious about the risk comment too.

Like you comments above as when using leverage, one needs to make sure to satisfy lender requirements.

Thanks all for the welcoming comments.

Alternatively, you can search for an agent that would prepare a BPO (Brokers Price Opinion) and may have MLS access as well as comments on the nature of and estimated cost of the necessary repairs.Nice F.O. right-seat flight photo.

@Aaron Mazzrillo Great points, the only thing that didn't make sense to me was this comment.

Thank you guys for all the comments.

I was just about to comment on the fact that the first post makes no mention of the "current market value" and then saw that Jason stated just that.

I was commenting on the difference between the max 15% tax on the investor that holds for over a year renting or the flipper/dealer that has up to a 35% liability.

I've seen them try.I agree, the provision might be OK on the higher-end homes, but this post and all the comments really show the problems a provision like that can raise:http://www.biggerpockets.com/forums/52/topics/83336-what-kind-of-agreement-you-have-with-your-tenants-they-do-repairs-or-help-with-repairsI'm sure most of us have a section in our rental agreements that state tenants will be responsible for damage that they cause.