It turned out to be harder than he imagined.

I would imagine not as they are different lock sets replaced over time.2.In the lease there are no pets listed but many tenants have pets.The tenants said they would pay a fee to keep the pets.So Instead of a security deposit I was thinking of a one time "pet acceptance fee".This way instead of a security deposit having to be escrowed in a separate account the money can be spent right away to increase cash flow.3.I was thinking to prevent toilet clogs the tenants should put those child safety toilet hinges on top of the lid so they toys etc. do not get stuck in the pipe.4.One of my tenants cars is sitting in the parking lot without a tag and a flat tire and the tenant says they don't have money to fix.Do I get that hauled away??

I have learned more that I could imagine in the last 2 years or so and a lot of that is due to BP.

So just imagine the property when it was first completed, that should be your guideline to rehabbing) minus PURCHASE COSTS (home warranty, fire insurance, title and escrow) minus OPERATING COSTS (months vacant either sold or leased, yard maintenance, utilities, garbage, water) minus MONEY COSTS (traditional bank loan, lines of credit, private money, hard money, interest only, points at close on escrow) minus SALES COSTS (Brokerage fees, Property Taxes, Title, Escrow, Buyers Concessions) equals YOUR BUY PRICE.

The home is in distress and is not in marketable condition by any stretch of the imagination.

I'd imagine it's easy to modify though.

I'd imagine its going to take a hit for a few days, everyone will realize the iPhone 5 is still coming out and it will be back in business.

I could only imagine there is a big wave of properties coming, just dont know when......

I imagine it's basically the same in other judicial states?

Sounds like he has a good head on his shoulders, so I imagine he will do fine.