If you have 5 homes in an area but one tenant works for Entergy, one is a surveyor, one is an nurse, one works for a local university and etc, that is where you are truly diversifying your risk (tenant ability to pay in a downed economy).  

It seems popular opinion that Sherwood Forest and the University District by U of D seem to be good spots, but I've noticed from driving through and inquiring that the majority of properties in those areas seem to be a little too high from what I think is a solid investment if you were to add rehab costs.Any insight on good fringe areas for rehab or where to invest?

Perhaps our daughter, Kendra, a business major at Bentley University might catch the "investment bug" down the road!

http://www.thedenverchannel.com/money/consumer/zil...http://www.denverpost.com/business/ci_29220471/den..."...But after the area's big run-up in home prices, renters would do better to invest their down payment savings elsewhere and wait to buy, according to an index from Florida Atlantic University."

My day job is Horticulturist with our Iowa State University Extension Services.

I attend Midwestern State University as a finance major.

Do I put language in the current lease explaining that this may happen, do I add and addendum to the lease in the future, or do I need a completely new lease at that time.

We have a university w 18,000 students and besides the oil field, our economy is strong.

I'm sorry if I confused you with my language.

I would expect using language like "notification was not done correctly" would result in you owning more in back liens.