If I do a significant upgrade at turnover, then I raise my rent then too.

Here I am again looking for some advice on a potential deal.2 unit property, each has 2/2Unit 1 rents for $1200 - Owner recently did some minor upgrades, and has new tenant on 1 yr lease.Unit 2 rents for $1050 on a month to month.Taxes are estimated at 2% of purchase priceSo assuming purchase price of $230k, taxes would be about $4596/yrInsurance we estimate is about $2400I am trying to figure out how to use all these cash flow analyzers etc..but to me with 20% down it looks like it will net between $580 to $710 in monthly cash flow.

I plan to upgrade next time and hopefully end up in much larger buildings within a few years.

You can also up sell the ad by letting people know you are upgrading the property and it wont be ready until 2 weeks from now.If people are truly interested you can send them a rental application before hand.

Well here it is six months later and I decided it was time to upgrade my account to Plus.

If you add in upgrades to keep the property competitive over time with things like landscaping, kitchens and baths, etc. the number can get up to 450 or higher.

Having to change out that carpet once without it being covered by the security deposit will add up to almost the same as if you had just down the vinyl planks from the outset.Here is another related thread; read my post there for my opinion on getting more than market rent:http://www.biggerpockets.com/forums/52/topics/66798-rental-upgrades

I would request the tenant's entire file which would include application, credit/background info, copies of identification and security deposit information.I believe security deposit will be transferred/credited to you upon closing, but you can get clarification from your closing agent/attorney.Once you close on the property, send the tenants a letter introducing yourself/your company as the new owner/manager with contact information, how/who to contact for maintenance request, how to pay rent and what will take place within the next few weeks regarding setting appointments for walk thru inspection to assess for repairs/upgrades and meet the tenants, signing new leases, requesting updated documentation (proof of income/identification ) and things of that nature

I've since upgraded to a more practical (used) BMW X5 (the utility is much better than with the CTS).

I collected all of the rents, made all of the repairs along with telling him I would upgrade the electrical services and painting the exterior of the house.