We are extremely "wet behind the ears" so to speak with Real Estate Investing and are very eager to learn.

They are NOT only responsible for "their" 1/4th.In this type of situation, EXPECT more noise, more trash, more cars, weekend parties, etc. and if you are ok with that, as long as at the end of the term you can be pretty confident that all charges will be paid by SOMEONE.

Emily,My wife was fielding all the calls and she always pointed out the positives. the home looks beautiful and i purposly installed mini blinds so that the visitors do not see the street while looking at the rooms. because it's older home ~60 yrs (common), there is drywall and plaster and it's amazingly quiet. so, they can't hear the noise at all.Jon,I have 5 more in that suburb and they all go from $1,000 (no basement) to $1275. i also looked at the comps before i purchased the home, and we noticed that the street where this house is located gets around $995-1100 per month because the schools are 10x better.the other side of the street gets up to $950, but has really bad schools.John K,I do not have a picture of the garage for that house.

They don't like to book guests in our building because of possible noise coming from those restaurants.

Keep your eyes and ears open.

I am looking at a duplex with a 4BR unit and a 5BR unit, so the property will always have tenants with children, and likely young children at that.When I viewed the property today, one of the tenants complained of loud vehicle and party noise from the adjoining property.

People don’t usually believe the direct verbal nearly as much as the passively written.Place a flyer in a cheap stand on the kitchen countert explaining that you are aware of the current economic times and you are willing to accept A, B, C as long as D, E are covered.And if other landlords in your area are not using the same approach it makes you look great.

The addendum is not free license to have any animal, but rather a specific one.The Pet addendum specifically outlines rules and regs and states specific violations such as noise, treatment, being left unattended, leashes, dog houses and anything else you need, and specific actions for violations (this is signed by tenant)Pet deposits are per animal.  

In lower rent markets that might be a trade-off that you accept to get otherwise good tenants, but in a middle-class market a tenant who is late 1/3 of the time is likely to be out on their ear. 

But there is some risk there if they do start to enforce it at some point based on the noise being made in Anaheim.