Not just for the extra capital, but so I don't have an existing mortgage preventing me from getting into a mortgage on an investment property.I currently rent a home and am completely debt free.  

Wondering if anyone does yearly preventive Maintenance checks at their properties?

I think you should be able to have the utilities turned off, but depending on where the property is located, you'll need to prevent the pipes from freezing.

Get an exterminator service when you get moved in and keep it going, this is good preventative maintenance. 

Any way thanks for sharing.. when we owned hundreds of homes.. sewer was the number one issue hands down.and when we bought a new property for the portfolio if it was not a new waste line we put one in during rehab so at least we started with a new waste line. and not one filled with roots etc.

Remember, proper preparation prevents poor performance. 

Legal documentation is meant to prevent those misunderstandings, and I care about my friendship with this person so I'm going to respect both of us by mitigating the risks to the friendship via legal documentation. 

I use the teams I work with to get to the root problem and solve it by using everyones ideas uniquely.  

For me it would be legal issues that would prevent financing or the possibility of reselling. 

Make sure there are not covenants that would prevent you from renting it out.In addition to understanding the tenant-landlord laws and getting a lease or rental agreement in place, below are the landlord responsibilities we outline to the tenant.