So, these things can happen, but a broader analysis will help minimize your risks.P.S.

It is only delaying the headache.

i got a great idea for solving the pet/smoker issues - make it a requirement to visit their PRESENT residence before accepting them. if it permeates of smoke, there ya go. if the place is stain free w/ pets, take 'em in w/ the extra deposit (don't call it a pet deposit though)i accept pets. my vacancies have averaged 5 days so while you're waiting a month for a tenant, I just minimized my loss.

mine wasn't so sexy; got married 3 years ago; the wife's condo was underwater & wanted to protect her credit; so i became an unintentional landlord. with 50% rule, i was losing about $350/month. today, i lose about $111/month. 3 years ago, a neighbor saw i found a renter for this so they asked me to do the same & I got $300. another person heard i was a landlord & I found her a renter for $300. she then asked me to manage it for $85/month. been doing that for 3 years now & take that $ to further minimized the loss on my wife's condo.

Anyway, apparently in the mid 2000s, a group of enterprising individuals figured out that if they dropped a ton of credit card apps at the same time, the credit card companies would approve them before they realized what was going on and the hit on their credit score would be minimal.

Dehumidifiers cant dry behind the sheet rock, minimally I would guess the ceilings need to come down and bottom part of walls to remove moisture and water logged insulation.

The only way I would be paying a higher percentage than other contractor quotes would be if he was delaying his payment until the house sold.

Apparently, we didn't have official bank approvals, while the closing date is delayed week by week.This is a cash purchase.

I'm also a big fan of standardizing things to minimize trips to the hardware store later on.

If you can manage your cash with a $1,500 / month salary (I lived in the bay area on this salary for about 8 months and was still able to save a couple hundred per month) then you will be well suited when you start making six figures.To that note, you can only learn so much by cutting your expenses and learning delayed gratification.