Further, most people won't be looking to move unless they "have" to move because with the unemployment level and very small level of what everyone called their "job security" people won't want to pony up security deposit and 1st months rent to move in to a new place right now.

Wanted to see if the reward is worth the risk. meaning lets say I have to drop rents 300 per door, this is worst case, then I no longer cashflow , but if itake less and thus cashflow close to 1000 then I can lower rent a lot and still be good and I like the have the security . at the same time paying 0 for the house and actually profiting 60k , sounds great and goes along way

Hi @Dwight S.If you and your tenants have job security, you'll be fine.

OP: Secure the unit ASAP.

Hello,I just secured my second property in Milwaukee, which is a duplex.

The previous owner just let them have them without any pet addendum or collecting a security deposit... 

My goal would be for them not to owe me much more than the security deposit is at any given time.  

My understanding is that the cost for those repairs should come out of the tenant's security deposit, not the $200 non-refundable pet fee (not deposit!)

For example, your new tenant moves out on May 5th, you clean the place up and list it for rent on May 10th, you select a new tenant on May 15th but they can't move in and start paying rent until June 1st, then your previous tenant owes you rent thru May 31st (which can be deducted from their security deposit).Lastly, don't forget to send an itemized statement of any security deposit deductions within 21 days (in California), otherwise you lose the ability to make any deductions.

The lowest barrier of entry to getting credit is a secured credit card.