At some point, you'll have to replace roofs/water heaters/ furnace/ AC coil/ upgrade kitchen and baths and the rental income needs to be able to support it.Property analysis should include PM.

I posted numerous times about how everyone and their mothers are in the game with the rising market, I got to auctions and there is like 100-200 people in Bergen County just driving prices to crazy levels... if it's not the prices being driven up, the bank wants something totally ridiculous. 

If you are passionate you can make time and there are numerous ways to obtain financing using OPM (other people's money) so that should never discourage you.

Some of the things I would like to include. keeping in mind the property is in California.I would rather not rent to smokers but If I must could I charge a smokers fee?

Do we accept putting additional cash into our first deal or do we keep our eyes open for another deal.Original Offer:Price: 153k ($31k into the deal)Anticipated rent: $2,000k/monthOperating expenses: $9.4k / year (includes management, cap ex, vacancy, taxes, insurance, etc.)Cashflow: $4.2k / yearCash on Cash return: 13.68%The appraisal came in at 146k and they raised some very valid points on why the property was not worth 153.  

It still projects to cash flow anywhere from 8-11% over a 5 yr hold, with a total return of over 100% to the investors including capital gains at sale.  

He offers a few different commission plans including 100% commission. 

If the tenant did that, then a judge would decide the outcome, which would not include include criminal charges due to existence of a contract dispute... if they won, the landlord would owe them for damages, being the cost to recover the vehicle, legal fees, and maybe lost wages.

Do you have any verbage that I should include in what I will write up?

The numbers tell me I will make ~600 per month including all the expenses on maintenance, vacancy, etc.