So I am looking at a duplex that got water/mold damage on one side, and minor water damage (Door left open or something like that) on the other side.

There are spiders in the house. several other petty issues.We finally found a next renter now he wants us sign the following before he moves out: 1. (1) That they be let out of their lease effective on their exact move out date;(2) That their deposit be returned by exact one month of their move out day.(3) That their rent be pro-rated so that they pay only through their move out date for the month,(4) That no action is taken against their credit.He asked a lawyer (not litigation yet) drafted this document to sign.

I've recently heard that if an investor files loss in his investment property in filling his tax, it will effect his next mortgage by impacting on debt/income ratio. 

Thank you for the overwhelming support and feedback.We do have a renters addendum in effect, (signed by the tenant and the manager and notarized) which specifically states, EMPHATICALLY, that the rent is due on the 1st and can be paid anytime prior to the 1st. 

Low income investing isn't for everyone but yes it can still be done effectively.

I'll still file an eviction as well and go for the second clause(damages).Good Luck. 

If you don't require it there should be a clause in your lease either way regarding damage to their personal items etc.

Your PM will likely have much more time evicting, damage to the unit, travel  to collect rents multiple times, additional bookkeeping costs, etc.I have seen PM companies in rougher areas charge 12% average before.

Not a big difference but I do have some equity to free up that can be used towards a future down payment.My biggest issue is that I have great credit and would be more concerned about the potential negative effect of a credit inquiry, and might be better served simply using the good credit (as is with no further inquiries) in order to borrow a bit more (instead of a refi for extra down payment money).

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