The insurance company will notify you if the tenant's policy ever lapses or is canceled.If you require insurance, figure out how to track and enforce compliance.

Purchase price: $230,000 Cash invested: $60,000 Sale price: $397,000 We did this a while back but I'm just now making a profile on here.

I'm not sure, but any advice would be appreciated. ( I live in GA btw don't know if that matters) Hello Hayden, If building capital is your goal, keep in mind that being an agent is a Sales Business.

Figure out your unfair advantage and develop some subject matter expertise.

We've seen record sales in the over $10mil market (which I will say is a small market probably compared to NYC, Miami, LA, SFO, SEA).My thought is the biggest risk seems to be 8+ year and older homes in the suburban markets, that have not been updated and over $1mil. 

If the proceeds from the sale has to go towards her nursing home expense, like Bill said, it has to be sold at market price. 

Either way the figure is about 7M??  

The most recognizable is the comparable sales approach which uses comp properties to assess value.

On top of that, there's a bill working it's way through the state to add an additional sales tax on real estate.

As an owner I do understand the annoyance of this, especially if you were to back out of the deal and then having to deal with the issues of tenants worrying they'll be displaced, mismanaged upon sale, etc.