He paid for the security deposit and the 7 months up front no issues.Kevin typically is a great neighbor, even doing (approved) home improvements to the unit (he repaired a fence that was damaged due to weather conditions for example) as he was moving around a lot beforehand and was excited to settle down somewhere and call a place "home". 

BackgroundI own and self manage six multifamily properties in Providence, RI, acquired between 2008-2013 at great prices, with less than $50K in total debt remaining.

Provide specific details about your ideal rehab process and your expectations.

It’s an excellent low-cost method to secure deals.

We have this thing called the 30-yr fixed mortgage, primarily because of the structure of the mortgage market with government backed mortgage securities.

If you're lucky enough to find an interested seller, you will need to have the tools to quickly analyze the deal, understand if the sellers motivation to sell, pain points if any, and genuinely see if you can provide them with a quick exit strategy.

One sued for $1,500, his reported lost for a burglary, due to the lack of security in my building.

For the tenants that will occupy the empty unit in the not too distant future I can make my own rental agreement, in particular, I plan to let them pay for the water as well, and I will set a reasonable security deposit.But for the tenants in the currently occupied unit:1) Would it be possible to write an addendum to the existing rental agreement to require the tenants to pay for their portion of the water bill?

They can properly secure the house following the tenants' departure, winterize it, coordinate utility account transfers, and source vendors to address anything that needs to be done to the house prior to marketing it for another tenant.

The whole appeal in REI was to maybe create a small business on the side with my spouse as a way to: eventually secure supplemental income, start building equity in RE and maybe creating a small business together in RE that would help us obtain financial freedom after hearing how risky things can be, I’m trying to learn: what are other RE investors doing to make money despite the risks around home repairs, vacancy, additional expenses (i.e property managers), etc.