@SCOTT WALKER I love land, but I deal specifically with improved lots in established subdivisions and I have tried to stay away from your kind of land (see my interview - podcast #41).

I also agree that the "pride of ownership"/personal touches improve the retention to some extent, but we'll see..

If the answer is yes, I would only make cosmetic improvements that yield a higher rent.

You actually can, IMHO, learn a lot about construction and home improvements by reading.

The CFD was generally accepted in allowing the buyer to encumber the property in some areas, such as contracting for repairs or improvements, allowing the buyer to provide maintenance and making improvements.

I would suggest looking into your competition and see what they have done and how you could copy some of their ideas and then improve upon others.Good luck and I'd love to hear how it turns out.

We have owned it for almost 2 years...Purchase Price $44,000 Improvements $36,000 Total Cost $80,000.Current rent $950Mortgage $776 month (ten year note P&I)Taxes $60 monthInsurance $30 monthCashflow $84 monthCurrent Debt $76KEstimated Value $130KThe casflow isn't very good but I have about a 10% return of my actual cash invested in the deal.

Not sure if you have any desire to got that route, but it might significantly improve your cash flow.  

Check on the solvency of the HOA, anticipated improvements, liens on the HOA, potential liabilities.Sounds like a good one!

Heating costs are really a killer in Maine so I'm going to focus on improving the energy efficiency by replacing the old windows and insulating the attic.