Unless otherwise stated, the Seller will convey insurable title to the Buyer upon closing; otherwise, the Buyer has the right to cancel the purchase with a full return of their deposit."

PP: $149,900 Cash to close: $32,152 (deposit, down, closing fees, etc. - conventional loan)Net profit (after PITIPM): $490/monthCash on Cash Return: 18.2%**Please save all the comments about how it's not actually 18% CoC because I didn't include vacancy, repairs, CapEx, etc.

Immediately after getting an LOI or contract i request the following items....Exhibit BInventory of property tools, supplies and personal propertyExhibit CService contracts including trash, laundry, extermination, lawn service, etc.HVAC and/or boiler reportsExhibit D Property management license (if applicable)Certificate of occupancyExhibit E Certificate of insuranceInsurance claims history for the past 2 yearsExhibit F Commission agreements with the leasing staffCurrent property management contractAny other vendor contractsOther Requested Due Diligence DocumentsLast 2 years of financial operating statementsA year-to-date operating statementLast 6 months of bank statementsUtility deposit registerUtility bills for the last 2 years.Property tax bills for the last 2 yearsIRS Tax returns and addendums for the last 2 years (as relatedto the property only) Articles of IncorporationGood Standing Letter from the Department of RevenueAny licenses in the name of Sathyam EnterprisesRent roll for the property for the last 2 yearsSecurity deposit registerPayroll recordsEach different lease typeWritten property policies such as pets and parkingInformation on all rent concessionsList of any uncompleted maintenance requestsMaintenance and capital improvement history for past 3 yearsLitigation history on the property for the past 5 yearsAny operation manuals for the propertyTitle policySite planArchitectural plansEnvironmental ReportsAny mold inspection reportsAny lead-based paint inspection reportsAny fire system reports or citations

When you have a buyer set and ready to buy the house, you need to make sure that they put in a non-refundable earnest deposit.

I don't charge tenants any sort of cleaning deposit or cleaning fee. 

They have renters insurance, but I still increased the deposit for my own safety. 

As far as damages once she is out, then from security deposit you would take damages, rent owed, court costs, ect.. and you may have to file another small claims court action to get that money if the amount exceeds her deposit. 

Plus, they are much more likely to treat the property as their home so it shouldn't be as bad if you have to take it back.If they don't pay their monthly obligation to you they forfeit the deposit and you can evict them.

I have her $500 security deposit and she is very eager to get it back in full.

Review and process applications8.Collect security deposits and review leases with tenants. ( I dont like to just hand tenants a lease to sign without going over it in detail so that there is no confusion as to what is expected of them down the line)9.Inspect units semi-annually10.File for evictions immediately when rent is more than 5 days overdue. 11.