Hi all,just purchased a MFH unit in Joliet IL and have few bad apples that i need to manage effectively and efficiently. one is tenant, grandfathered in for 20+ yrs. believes he owns the property - almost has occupied...

Chris offers a list, but there are a lot of investors that aren't looking for some of those things, and even those items are a bit subjective.The one that I agree with in all manners is fraud risk, but that sort of gets to capital preservation too. 

If you miss a "big ticket item" because you didn't know what you were doing or the listing agent was trying to hurry up and close the deal, could cost you thousands.  

When evaluating a property, what are your automatic no or exclusion list items and why?

. - You are responsible for these items, and not those items (make a list of what is reasonable for the landlord to deal with like broken toilets, leaky sinks, power outlets not working, windows not opening, etc. and a list of what the landlord does not deal with like people making noises outside.

Normally, under the Tangible Property Regulations, both items will have to be capitalized and depreciated over 27.5 years, not expensed.

Ask for finance options early on and make sure you are adequately covering your costs and that the bank is OK paying for an item that isn't delivered to the site yet. 

It seems to me you believe the same.In addition, I also appreciate the list of items you have shared with me to look into when making a criteria for the type of property I am looking for, to be frank, I wasn't thinking all these minor details but it seems to me that's where the difference is made from the ones who succeed and ones who fail (like my coworkers mentioned earlier)@Bryant TroupeThank you for your response Bryant.

I will add an item to this list and believe it should be near the top of the list: what are the current STR regulation and what is the sentiment.  

The opportunity would then be in updating their payment systems to new tech, building a strong online presence so people can book online, marketing to the local community and offering items for purchase inside of the facility (locks, moving boxes, dolly rental, etc).How's your car wash search going, brother?