Account ClosedOur CPA firm prepares hundreds of returns annually for real estate investors.

@Jeremy MahanI am a CPA who not only has prepared thousands of returns for investors, but I also own a series of residential and commercial units here in Southern NJ (a few miles from Philadelphia) and until recently in Texas.

We are definitely not at the bottom there (that was around 2010 when I bought) but if Aerospace keeps cranking there, though, and I'm betting it will, I still see some market upside in this cycle, just be prepared to hold through a downturn in case I'm wrong on that.

- It's sort of a be prepared for the Big One warning, and how to prepare.There are other important topics he covers as well

If not, ask an attorney to prepare paperwork for you. 

Beyond that I just wouldn't take the bait of having the conversation further...until they don't pay their rent and then I'd immediately put them on notice that they are evicted for lease violation and that if they do not move within whatever time is stipulated in your lease you are prepared to do an unlawful detainer...which is a matter of record and will make it difficult for them to lease elsewhere

You want all leases as soon as  you can to reflect that you are landlord so get those prepared and ready for them to sign once you close.

Prepare that the banl will use the one with the lowest score to be on the safe side.

Other common "off limits" areas would be crawl spaces or basements that have hazards.It is a good idea to prepare a Tenant Handbook for each property.

Perhaps you could do a mailer to let them know in July the rent will be going up so they will get prepared.