Not the best solution @Tom Feret but you could go in with FHA financing on the assumption that some of the down payment money you are keeping in your pocket could be instead used to persuade one of the tenants to sign a cash for keys agreement wherein they agree to move out 45 days or so after close of escrow.Talk to your lender about it.

Turn key single family rentals are a hard way to lose.

Fill in the foundation below.Check out the Start Here page http://www.biggerpockets.com/starthere Check out BiggerPockets Ultimate Beginner's Guide - A fantastic free book that walks through many of the key topics of real estate investing.Check out the free BiggerPockets Podcast - A weekly podcast with interviews and a ton of great advice.

Do you have the tenants sign a fresh contract or do you mark out the key dates and have them initial those areas?

Fill in the foundation below.Check out the Start Here page http://www.biggerpockets.com/starthere Check out BiggerPockets Ultimate Beginner's Guide - A fantastic free book that walks through many of the key topics of real estate investing.Check out the free BiggerPockets Podcast - A weekly podcast with interviews and a ton of great advice.

With a psychology background, it seems to me that communication is key, I have partnered with a guy who currently keeps me in the loop for everything.

That is the KEY information you need is how the market is performing where you want to do a deal.

Fill in the foundation below.Check out the Start Here page http://www.biggerpockets.com/starthere Check out BiggerPockets Ultimate Beginner's Guide - A fantastic free book that walks through many of the key topics of real estate investing.Check out the free BiggerPockets Podcast - A weekly podcast with interviews and a ton of great advice.

Realized it wasn't so complicated, then did more.The key turning point for me was when I learned double entry accounting (Quickbooks) to deal with the business - that was like taking the proverbial Red Pill (from The Matrix, if you don't catch the reference).Along those lines, the only book I've read all the way through is "What Every Real Estate Investor Needs to Know About Cash Flow...

I don't know about tenant/landlord laws in Connecticut, but you may want to take that into account too.The odds of your tenant fighting a small charge for the carpet--slim, but every dealing you have with a tenant builds a public image of you (not to mention speaks to your character).If the carpet is only a year old, then I, personally, would charge them replacement cost... any older than that, and it would be a depreciated replacement cost.The fact that you were going to replace the carpet (though it may speak to the carpets age) wouldn't directly have any influence in my decision to dock the security deposit.