Investopedia is on the right track saying that the rule is supposed to ensure it covers your mortgage, but it's much more than just the mortgage, it's the insurance, taxes, maintenance, etc costs that are in addition to your mortgage.

In addition and along the same lines, there is no provision in Colorado law allowing the new owner to boot a tenant so that the new owner can occupy the tenant's unit. 

.- Additional subfloor (wood) and cement board (floor) $100- Shower cement board $75- Waterproofing Membrane (I like to do this) $150- Shower wall tile (80-90 SF) $150- Flooring tile (30-40 SF) $100- Tile setting and grout $75- Vanity with top and mirror (24" it looks) $250- Toilet, wax ring and feed line $100- Faucet, feed lines and trap $75- Trim $25- Accessories $40- Fan/light $150- Vanity Light $50- *Shower diverter valve with trim kit and plumber to install and help set tub/drain. $750- Screws, adhesives and fasteners (cement board screws, caulk, etc) $50- Paint $40- Miscellaneous $100TOTAL: $2530With all of that said these numbers would be my BASE run, and assuming I was spending my budget amount on each item.

I have about ~40K equity in the rental and owe about $157K on the loan, but the monthly rental income only covers the mortgage payment + insurance + taxes + an additional $75 a month, which I put aside for repairs and anything that may come up.  

You can get tenants to put it in their name, but it is a length process. they need a copy of the bill, a day waiting downtown with the water company paying additional deposit to have it put in their name.

In many counties, like where I live in Jackson County, they will reduce the assessed value of a property that is dilapidated or bought in foreclosure or whatever for two years (if you challenge the value based on your purchase or other info).

Tenant's General Responsibilities: Tenant, at Tenant's expense, must:pay any periodic, preventive, or additional extermination costs desired by Tenant, including treatment for bedbugs, unless otherwise required by law;"I would double check, but as long as you have been reasonably proactive to try and help with pest control, the tenant doesn't have the right to cancel the lease for pest issues. 

Erica,If you are interested in this property, in addition to reaching out to condo investors for advise, you should be sure to also do “proper” due diligence.

Good afternoon fellow investors,My name is Mike i am a local Buy and hold investor looking to aquire 1-2 additional properties in the next 12 months. below is the criteria of the type of properties i am searching for.- 5-20 unit multi-family apartment buildings- C- to B class areas (no war zones)-  off street parking-  distressed or turn key- all of RI and Eastern MAPlease contact me anytimeI also look to network with other local investors and enjoy bringing value to others.

Additionally, I am looking for a lender who will consider income streams under 2 years old.