Broken down vehicles, shady visitors, animals appearing, notices from city code enforcement, smoking. partying, domestic disturbances, on and on.Without appreciation, I would have netted nothing really for my 10 yrs of pain and suffering. 

Sometimes, when I see a smoking hot deal I'll make the offer myself.

This list also factors into our retrofit plans for the building.At Close, we circulate a letter of introduction to all tenants; if the property previously permitted smoking, we also announce a sunset dates for smoking in the building and on the property (normally 12-18 months in the future).  

. *1 year Lease contract*Verifiable income of 3x monthly rent*Verifiable employment history*Verifiable rental references* Minimum Credit Score 675*No Evictions*No Pets*No Smoking*Utilities: Tenant (Lessee) shall be responsible for Electricity, Water, Sewer & Garbage*First Month rent of $xxx and a Security Deposit of $xxx are required at lease signing.* Last Month rent of $xxx is payable over 1st three months.If the prospect states that they meet the requirements I schedule a tour.

Rules are good, just make them standard ones that other good landlords are doing.An example of what not to do: don't say you're going to do quarterly inspections (only do inspections every 6 months max and just say it's to change smoke detector batteries and check to see if there are any plumbing leaks and you're in and out in 5 minutes). 

Some random guy walking down the street throws a cigarette on your lawn and ignites it and that causes your neighbor's house to burn down. 

However, I did notice there was a dog in the unit (current lease stated no pets), and it wasn't clear in the lease if smoking was or was not permitted.The tenant also asked me if I planned to renew their lease ending early next year when I take over the property.These may be very newbie questions, but here's where I am struggling:1. 

if it's a bad property and you shouldn't be in it, well then that says it allif you have no cash, maybe take on an equity partner on the property to give you cash to rehab and max the property out.. ie you give me 20k cash to fix this, I give you the extra rents for x time, include an option to buy out partner on your terms.if you can't evict as LLC and can take the loan, why not transfer title to you, evict, transfer back, smoke cigar.or maybe just get out pal.. you seem in over your head.. best of luck

I'd double check that statement with some independent verification to make sure the realtor is not just blowing smoke.

In fact, in addition to a residential lease (month to month or otherwise), most people have an addendum that specifies other rules, such as no pets, no smoking, no loitering, who changes lightbulbs, lawn mowing, cleaning the yard, parking, etc.