I try my best to be fair with the tenants while holding firm to the terms of the lease and other rules provided to the tenant.

We hope to both hit the ground running pretty quickly in the coming months.My question for you guys is this:  Once we become more experienced, do you see value in partnering 50/50 on properties in each other's states for Buy and Hold purposes?  

If allowed by your lender (if one is involved), figure out the estimate of damages and have the title company place it in an escrow account pending the damage to be fully repaired (would suggest holding a bit more than the actual estimate to cover the unforseen).  

I am going to be closing on a small buy and hold rental.

Also, if you are but and hold in Louisville you will need to register your property with the city.

I paid $154,000 for an 1 acre lot, the economy crashed and so did the lot price to $30,000, the price as of today is $90,000, I don't think holding on to it Is a good idea anymore I still have to pay for lot Maintinance, community fess and property tax on it, any opinion will be appreciated.

Goal is to buy and hold long term in good neighborhoods that attract good quality tenants .Can someone recommend cities across US where it is possible to cashflow or breakeven  on condo investments in grade A neighborhoods? 

For instance, if you want to buy-and-hold in San Diego, then yes wait until a crash when you can buy cheaper (if a crash comes anytime soon).

I am trying to figure out how latest events are going to affect the industry, because the numbers may change, such as holding and rehab costs.

Even motivated sellers won't usually sound extremely eager, since they are smart enough to know they should hold back.