I've always been a big saver by habit, but these last few years I've spent a lot of time reading and learning about personal finance, which has led me to up my 401k contributions and invest most of my net worth into stock index funds tracking the market.I subscribed to Audible earlier this year and came across Brandon Turner's "The book on rental property investing" audiobook a few months ago which has, in addition to getting a few laughs out of me, strongly convinced me that real estate belongs in my portfolio.I'm an extremely cautious person by nature which is why I'm hesitant to jump into into real estate right away.

When you inherit tenants you are also inheriting their habits/behavior, good or bad.

Reading the CC&Rs is also vital and it looks like you've done that. 

We recently purchased a property that needed very little work and were going to pre-hab it and see what we could get on the open market or else keep as a rental if we couldn't get what we wanted (comps are very gray in the particular area the property was located).

It simply means that the house is habitable, you are actively marketing it as available to rent and you would rent to the first qualified applicant to show up that day.Many people think they can put up a craigs list ad for rent while the house is in the middle of a full gut remodel, and claim that it is ready to rent. 

I imagine an apartment with no electricity cannot be considered habitable.

You will receive an Addict award along with a habit; as well as learning and retaining useful real estate information without struggling.We are considered to be the average of the 5 people we spend the most time with so connect with REIA meetings, accountability partners, and mastermind groups to engage with individuals interested in real estate investing.Looking forward to sharing insights with you in the forums.                         

Impact of climate change and consumption habits on your rentals must be factored in these days as does the resiliency of the portfolio based on the local industries and how they can be impacted by things like fires, storms, even decreased demand for fossil fuels.There are other things to consider but I’ll stop now....

Failing to maintain a property to a habitable standard and wanting to live there yourself is two different animals.

We have gotten in the habit of using the same types of finishes and materials, so it makes budgeting and execution easier.