I will have to pay for water -- here in Chicago water is only a couple hundred so I left it out as a line item.Here are the details:

@Marcus Auerbach I won’t refute the importance of insurance as a line of defense, but my read on the WY examples are charging order protection.

Do u have a line of credit?

Would I be better served to use cash as down payment for new properties or pay off 1 property and get a line of credit or cash refinance that would be more than enough for down payment of new properties.

As you point out, the HUD-1 has a line for loans taken subject to as does most standard contracts for sale and purchase of real property. 

A line of credit can be opened or closed at any time without impacting your existing assets.4) You control your leverage by selecting which properties you want to cross-collateralize. 

It just seems to me there has to be a line drawn somewhere that says “This repair is clearly up to the landlord or the renter.”

A line of credit is great to have in most cases, as it exposes the borrower to more opportunity, should something arise.

Or, a HELOC is a 2nd mortgage basically but a line of credit where you can take money and pay interest but can pay it back right?

@Colby Brown Google RentTK and drop us a line!