You MUST be prepared for situations where the tenant moves unexpectedly, or you have a big repair bill.

When you understand you have that power and responsibility you use it.

I'm hoping he has enough power and influence to make this happen but I am trying to prepare for that meeting as we speak!

It was not a job that required a whole lot of brain power or decision making though, but it paid the bills I needed to pay at the time.

Also LLC will not provide any tax advantage from rental income stand point, it protects you from your personal wealth in case of unexpected catastrophes with your rental property. 

I have also done the cheap battery powered push button lights.

If you are using hard money you need to budget for the points and fees as well as traditional third party closing fees.Repairs: The money it is going to take you to rehab the property plus an extra 10% of estimated repair costs to account for unexpected repairs.Holdings Costs: Here is where a lot of investors get tripped up.

If you ignored her, or never got the pest control.. maybe.. but you got the exterminators on an urgent basis, and did everything in your power to make it the best you could.    

But I'm ready to draw on it should an unexpected deal come by where I'd then use that money to jump in.

If I could just invoke the Power of (and inspiration from having met him) Rich Weese.