Possibly using a professional third party vendor for the pre-inspection is a great idea, give a copy to the owner and tenantExcessive holes in wallsBroken tiles or fixtures in the propertyPlumbing backupsRepainting where a tenant has repainted from the original color Tears, holes, stains or burn marks in carpetsMissing or damaged blindsBroken windows and window screensBroken doors and locksBroken or damaged appliances Excessively DirtyPest control if you see Bugs and or fleasJunk or trash left behindPast Due rentFees incurred from fines from the association due to the tenants conduct or lack thereofWater damage to hardwood floorsMissing outlet coversRemotes for garage or gate if not returnedRekey of locks if tenants did not return the keysUnpaid utilities, as long as they were part of the lease agreement Undoing a tenant alterationThis is a sample of things that are usually considered to be normal wear-and-tear and should not be deducted from a security deposit:Slab or plumbing leakNormal rug wear.

Like I said that's why they give me a nice fat unsecured LOC so I can move and tag the secured line and not put him in a big rush. 

California charges a minimum tax of $800 a year per LLC, and more if you have gross receipts in excess of $250k.

Lol, writing a big, fat check to the IRS is the hardest part of flipping. 

People who know way more about REI than I do seem to think that things are quite different than just a few years ago, and that having a good job and excess cash is very prudent right now, and a safeguard for when you do buy your first property.

Long winded goals shortened, I will be done with pay checks in 3 - 5 years and live off rental income, 8 - 10 years have a large excess of cashflow most people would squander, take 5 years off to travel then come back and start a non profit funded by my rentals that designs and creates prosthetics for injured animals.Most of my friends and my now ex gf would role their eyes at me when I would talk about my goals.

(but they HAVE to be fat virgin goat.

There may be a state plan of last resort (often called a FAIR Plan) or an Excess/Surpus market (iel Lloyds of london or similar) that can provide coverage. 

Hence, why they are now able to lend at those lower rates because they have excess money but that begs the question, how long can they sustain going that path when they are paying out more interests on savings, CD's, Money Market, etc. than what they are lending out. 

To the contrary, you want as fat a deal as you can find to absorb any mistakes and not let your first property wipe you out.