It all comes back to running your REI like a business and realizing that those "unknown unknowns" can occur.

They used some delaying tactics but eventually the judge ruled against them and we were awarded possession.While waiting for the filed writ of possession to be mailed to us, the tenants have moved out and left the place nearly empty and the doors unlocked.Question: Do we need to proceed with a sheriff lockout (and wait the ~3 weeks for it to occur), or does their abandonment allow us to change the locks and begin rehab?

The first place is where cashflow rarely occurs because taxes are insane, home prices are insane, and rents dont correlate.

Prepare yourself for "what if" scenarios before they occur.

Just remember that once is an accident twice is a pattern.At this point there is really only two ways you can avoid paying the tax.1.

I contacted my insurer and apparently they will not cover the damage due to the facts : the damage occurred from a source not located on my insured property, the extent of damage exceeds the market value of the property, they do not cover flooding within city limits due to the high level of fraud.I have only contacted my insurer once and didn't really pry into getting satisfaction from them.I guess I'm more interested in going after the other property owner because he is a liar.Which brings me back to the ins and outs of an uninsured LLC and the legal protection he may or may not enjoy.Thanks

In the case of the 1939 building, I had small leaks occurring inside walls, which after  plumbing repairs, require repairs of walls or ceilings, If I get someone to repair the walls, it's a minimum charge of $300 for each job or I have to take a day or two off from my programming job to fix.

BP locked me out because I posted my same forum post twice on accident.

Originally posted by @Jarrod Forbes:I would say that the deals keep coming because there are always new people that need to get out of their house for one reason or another.....moving, divorce, job loss, etcWhen I first started looking at "distressed" property it was by accident.

It never occurred to me to go back to the seller... it was obvious they did try and fix the leak, it didn't work.