You can also take them to garage sales, have them look up the value of items online, then haggle a ridiculous deal, then go sell that item online.

Make sure to view the Bigger Pockets book store: https://www.biggerpockets.com/store

Check local pawn stores and CL for the tools. 

For those of you who flips or do a rental turnover that the renovation may last a while - let's say longer then 3 months - during such time the property will be vacant and you may have expensive tools laying around, as well as materials and appliances being stored at various stages of the process, what do you do to secure and keep an eye on the property during that time?

Hi @Nick Ferguson,In my experience it is cheaper in the long run to do the items yourself (or have them done of course).

The dog, Bonnie, despite being small-medium-size, has developed a habit of reaching for food items on the counter, and despite lacking opposable thumbs, had apparently turned the gas knob.  

Ridiculous Example - If you verbally agreed that he paint the house purple as a condition for him to move in and he painted the house purple, you could argue that's why he painted your house purple.3) Document actions that you have taken to comply with both the written contract and whatever you came up with in item #2 above.

INSIST upon a petty cash fund for instant approval of repairs under $xxx and an itemized Purchase Order for those  that exceed that amount.Also insist upon review and accept/denial on all applications for tenancy.These go a LONG way to keep everyone on the straight and narrow!

You may find that when you factor these items into your analysis, your cashflow will be lower than $360/mo, and possibly negative in some cases.

The Bigger Pockets book store if full of great books: https://www.biggerpockets.com/store