@Jon Roland Sounds like a plan! 

There are many concerns here, and restrictions that vary by company based on the age and renovation history of a property.Valuation method: Actual Cash Value will deduct depreciation over time from your claim settle (which can be thousands of dollars), while Replacement Cost Value will not deduct depreciation, and will almost always result in a claim settlement being larger by several thousand dollars.Theft Coverage: How does your policy handle theft claims?

The lease payment replaces the electric bill, often with a lower amount, so from a cashflow angle it usually improves the customers position.

@Mandy Ellett Oh goodness that sounds awful!

@Chris Tracy Positioning is very important and it sounds like you made the right decision to go out on your own.

Before these tenants stopped paying their rent, I secured replacement tenants for their apartment who are scheduled to move in a week after the current tenants were originally going to leave.

I am debating on whether I replace the carpeting in the property with a wood look laminate flooring to make the condo more appealing to renters when this becomes a rental property. about 650 sf of the 850 sf is 5-10 year old carpet that is in mediocre shape.

I know it may sound lofty but like I said, I’m willing to work for it and wait and I have a good steady job in the meantime to pay the bills.

Security deposits and last months rent, I would not normally recommend to spend that on repairs; but sounds like you need a solution.

As someone who spent 5 days without a/c...in New Orleans, in August, with 95 degrees...when a tropical storm knocked out the power in most areas, your tenants sound ridiculous.