Sinking 45k or possibly 55k into my first deal is a little scary.

I'd loudly and forcefully bring up the reality that other landlords would be running background checks on them before allowing them to move in and calling former property owners of former addresses turned up by computer records searches regardless of whether they were listed as references or not.A lot of people need a limit to run up against before they understand how to behave.

Its sink or swim.

Reality is much different though .

Just like a good hiring process means you don't have to tell the new employee it's not OK to wear flip flops to the office or get a forehead tattoo, a good screening process means I don't have to tell the tenant it's not OK to rip out the kitchen sink or add a homemade deck off the second story bedroom.

k-There were two visible water issues under the bathroom (1 under the sink one under the toilet) - The plumbing looks like poly (below is a picture of the Waterheater - does anyone have an idea if that is Poly and if So how much it would be to replace it in a house like that)5k-original roof but looks fine no visible roof leaks (very simple roof structure and small surface - don't know how realistic my estimate is?)

Sometimes they will charge a pinch more than you would like, but the reality is that they are doing this as a business.

Renovation demands the envisioned "highest and best use" of the property honor existing physical construction realities that will meet current codes required to entitle, build and operate the planned renovated project and its uses.Historical renovations introduce an additional layer of constraints that must be met.

Some are obvious and get no bids but often at the auction, you will hear a property end at 14 or 15 or something and there will be a tittering of chuckling in the crowd because they know some idiot newbie thinks he just invested his money at a guaranteed 14% but in reality, just tossed away his cash on one of these zombie PINs.Now it isn't all bad, there are plenty (better to say some)  of decent PINs which don't get bid to Zero and they get redeemed, or I assume some don't redeem and are good.

One of my properties, that's well rented out, has a crawlspace and the whole building is slowly falling apart; it looks really good, but the living room floor is sinking fast due to water and mold underneath; the plumbing is also cast iron.