However, getting some rent out of the gate is a good thing too, and when a property is occupied, its tough to over-fix it, which I have a bad habit of doing!

Unless it was over 100 degrees and unsafe for habitation I cannot imagine why this tenant did not just stay in the rooms that were air conditioned. 

I'm going to consult an attorney, but any help from experienced Texas landlords would be MUCH appreciated. THE SCENARIO: I've got a tenant couple breaking up, not yet divorced or legally separated. Husband has been di...

The same type of logic goes into the business of payday loans but we all know that they are predatory and do harm to those who are struggling financially.

I've requested the last three bank statements to take a closer look at their financial situation and spending habits. 

After all, what’s the harm in letting them fill out an application and screening them like any other applicant?

@Jeremy Woods if we really want to get in the weeds...An LLC owner can be held personally liable if he or she: personally and directly injures someonepersonally guarantees a bank loan or a business debt on which the LLC defaultsfails to deposit taxes withheld from employees' wagesintentionally does something fraudulent, illegal, or reckless that causes harm to the company or to someone else, ortreats the LLC as an extension of his or her personal affairs, rather than as a separate legal entity.Wouldn't buying in your name then transferring to the LLC meet the two bold comments?

Also, get in the habit to budget for property management (8-10%)  even if you're self managing. 

Usually there’s a hole, something is peeling, and owners (not that you’d do it) have a nasty habit of laying down sheets over sheets over sheets.

Or if you are married or have a partner, any final decision must be run by them.This advice might not sound very warm and fuzzy, but it will help you make necessary business decisions as they come up, and that will minimize emotional and/or financial harm to you.Hope this helps.