Let's also say for instance her delinquent thug of a grandson comes over and visits frequently, with a group of his "friends" and eventually threatens the life of one of your other tenants, leading to many phone calls, police visits and filing reports, etc.

Should I hire a CPA to get an idea of what to expect for when I file taxes next year?

I have a friend who was in the military and is planning on filing bankruptcy and  then using a VA loan to buy a home.

I also appreciate the security I get from the credit card. 

I hope you filed an extension. 

Now I agree that it's not a perfect deal, but if I can secure it with low money down and seller financing, I feel like it would be excellent to spend a couple bucks out of my own pocket each month (if I even have to, since I run my numbers so conservatively) to have a multifamily property that is entirely paid off in 15 years.

Also, have you ever had to file a claim before?

Hi,(1) Approximately 99% of loan files have at least one LOE of some sort in there.(2) Not really, no.

Work with them to resolve the situation.If they abandon the property, you'll have to deal with it according to state law.This is an example of why it's important to keep an emergency contact on file for every tenant and keep it updated.

He goes back and says it looks like the basement window has been kicked in but he could not tell for sure (it has a set of security bars in front of it).