You will also be paying top dollar for the property and realize that the property more than likely won't ever appreciate in value.All of the big ticket Capex items should also be replaced if they have a medium-short life span remaining.

Normally, a roof is considered an integral part of the structure and would be subject to depreciation over 27.5 years or about 3.6% ($3,600) of the total project cost per year.But whenever I have a roof done I ask my roofer to itemize the cost of labor and disposal associated with tearing off the old roof and dumping the worn out material. 

. - After my independent inspection, they fixed all the items that were found to be faulty - yes, they did.

Immediately after getting an LOI or contract i request the following items....Exhibit BInventory of property tools, supplies and personal propertyExhibit CService contracts including trash, laundry, extermination, lawn service, etc.HVAC and/or boiler reportsExhibit D Property management license (if applicable)Certificate of occupancyExhibit E Certificate of insuranceInsurance claims history for the past 2 yearsExhibit F Commission agreements with the leasing staffCurrent property management contractAny other vendor contractsOther Requested Due Diligence DocumentsLast 2 years of financial operating statementsA year-to-date operating statementLast 6 months of bank statementsUtility deposit registerUtility bills for the last 2 years.Property tax bills for the last 2 yearsIRS Tax returns and addendums for the last 2 years (as relatedto the property only) Articles of IncorporationGood Standing Letter from the Department of RevenueAny licenses in the name of Sathyam EnterprisesRent roll for the property for the last 2 yearsSecurity deposit registerPayroll recordsEach different lease typeWritten property policies such as pets and parkingInformation on all rent concessionsList of any uncompleted maintenance requestsMaintenance and capital improvement history for past 3 yearsLitigation history on the property for the past 5 yearsAny operation manuals for the propertyTitle policySite planArchitectural plansEnvironmental ReportsAny mold inspection reportsAny lead-based paint inspection reportsAny fire system reports or citations

Cleveland Heights is a very diverse market.

I want to choose my battles wisely and told my agent I have no problem disposing of the other contents of the property which is a bunch of furniture and pictures, since it's being rehabbed and we'll have a dumpster on hand to pitch those items but I'm pretty sure I'd incur an extra expense getting rid of the x-ray materials.I did locate a couple of local companies that will dispose of such items and forwarded them to my agent for her to pass on to the seller's agent.Can a seller just refuse to clean out a property?

When receiving cash, always provide a receipt and make sure it itemizes what the cash covers.Unless there is a legitimate reason to provide the tenant with a receipt, we don't.We've only had one tenant request regular receipts and it was to show her case manager, related to monetary support she was receiving.

The city continues to get more diverse and more outside investors are looking into the midwest as they are being priced out of their coastal or higher cost markets. 

Charge her for what you have itemized receipts for, don't charge for any of your own time.  

You want to move up the 80/20 leverage curve from technician to investor/entrepreneur.In Bridgeport, CT and New Jersey the investment is about 10% of rents collected which frees you from taking resident phone calls, coordinating maintenance, leasing vacancies, accounting P&L's, conducting inspections and making property payments.Owners often times suffer from "death by 100 cuts" when having to handle all of these small items, missing opportunities to achieve bigger goals.