On paper it looks like a great opportunity but I don’t want to burn myself on my first deal either.

Can someone post their opinion if the Landlord (homeowner) can actually withhold some of the deposit.The Landlord will return the Security Deposit at the end of this tenancy, less such deductions as provided in this Lease but no deduction will be made for damage due to reasonable wear and tear nor for any deduction prohibited by the Act.During the Term of this Lease or after its termination, the Landlord may charge the Tenant or make deductions from the Security Deposit for any or all of the following:Repair of walls due to large nails or any unreasonable number of holes in the walls including the repainting of such damaged walls;Repairing cuts, burns, or water damage to tile, linoleum, carpet and other areas;Repainting required to repair the results of any other improper use or excessive damage by the Tenant;Repairs and replacement required where windows are left open which have caused plumbing to freeze, or rain or water damage to floors or walls; andReplacing damaged or missing doors, windows, screens, mirrors or light fixtures;Any other repairs or cleaning due to any damage beyond normal wear and tear caused or permitted by the Tenant or by any person whom the Tenant is responsible for;Unplugging toilets, sinks and drains;Any other purpose allowed under this Lease or the Act.

Too many people get burned because they underestimate the repair cost, or closing costs, or the ARV value is incorrect.

If the place burns down and some insurance company cuts a check, you want to cash that, right?

I've seen first-timers and new investors burn thousands of dollars because they did things out of order.

Counter tops that don't scratch, stain, or burn.

Many people want to wear all the hats in their business, and then find that certain things aren't getting done well (they're not good at everything) or they're burning themselves out (doing too much and working too many hours).

On the utilities: I was once burned with a similar situation where the tenant did not switch utilities as agreed in the contact and the water company (city) and the power company refused to turn it off when I asked them, as they knew somebody was living in there.Now we give the tenant detailed written instructions how to turn water & power on when signing the lease. 5 minutes later we call to get both turned off.

I really could not understand the first guy.. and I don't know what the heart burn is about Jim is simply broker selling real estate.. and brokers in his type of business use all sorts of advertising.when my wife takes a listing it auto populates to like 25 sites.. its part of being a full service brokerage.. at least in the retail end of things.. in the distressed space we did door knock.. as so many distressed owners simply would not respond to anything other than someone talking to them belly to belly.. but out here on the west coast most of those techniques are now illegal as it relates to distressed ( in foreclosure ) assets.

The only thing you'd have to be wary of is burning bridges at a credit union.