For example, if he's a licensed electrical contractor, he can obviously do electrical work anywhere.The downside is that if you fire the contractor, you lose the tenant, and vice versa.The upside is that the tenant probably won't quit you because he knows he'll lose his contracting work if he does so.

Doing the actual work (on schedule/budget) shouldn't be a problem, since I'm a contractor - and I have a lot of resources in that area.My biggest concern is the re-sale.

If anything goes wrong, YOU'RE A VICTIM.Live in a hurricane prone area without insurance and a hurricane destroys your house - YOU'RE A VICTIM.Too lazy to work and have no place to live - YOU'RE A VICTIM.A homeowner borrows 125% of their home value in the biggest real estate bubble in history with a gimmick loan and then can't repay the loan when the rate resets - ANOTHER VICTIM!

Fannie Mae and Freddie Mac are the biggest, and combined account for roughly 90% of all single family mortgages in the US. 

I think the biggest hurdle would be all of the inspection requirements of the VA.

The downside of selling to buy something new is that you're trading in an asset you know everything about for one that you know little about.

There is no switchover cost for us to pay.The downside is the tenants will LIE and call the power company to say they are moving when they are not or they are being evicted.

Down side is you give him no incentive to clean and no damage the place on move out.Even though I would want him gone, I would still make him cover as much of the cost of early termination as possible.

Kind of makes you miss the "good ole days" days when your biggest concern was whether the each states dealer laws applied to you.

Is there a downside to getting licenced?