-it may sound excessive, but this way, assuming you do an exhaustive budget with everything you can think of, you're still covering yourself for the inevitable things that will just pop up along the way!)

Further fueling the fire -- the insurance agent mentioned the previous owner had filed a claim on the property within the past year or two, for theft.

His net worth is currently in excess of 10 million dollars.

The question becomes when does an asset hit bottom and start the upswing to where you have risk but it is decreasing as the market is improving.Hotels do well when corp. send people on business trips and more people vacation with excess income.   

You'll get a crummy tenant that's been rejected by others and so is willing to pay your excessive price. 

After that point, the deals will come regularly for as long as you continue to fuel the machine.Brandon Turner, your break down of the numbers a page or two back left out a few important variables.1) Residuals.

Thanks for sharing your experience, it's just additional fuel for my fire

Poorly insulated older units will cost your tenants a "fortune" regardless of the heating fuel used.

Now if you had a month to month tenant who "broke all the rules" (excessive noise/unreasonably disturbing the neighbors etc etc), you are within your rights to mutually resolve this with said abusive tenant using some of the pointers I outlined earlier.  

So after the landlord is made whole any excess proceeds should be returnedMy guess is the landlord would lose in JP court in a non-refundable scenario.