To the owner it's quantifiable -- $50 per day in lost rent for 4 days equals $200 lost.And I am a former Yankee living in Florida, so I guess I can relate to your response :)

Since it will be a new lease, you can require him to pay a security deposit equal to one month's rent and you should require him to pay it at lease signing.  

Hi Eric, nice work catching the subtleties of the metric.IRR is an interesting, exactly equal to appreciation if there are no cashflows, and exactly equal to CoC if there are even periodic cashflows, and like you said it assumes cashflows are reinvested at the same rate which runs the risk of overestimating your returns. 

The legislature shallprovide for the determination of true cash value of such property; the proportion of truecash value at which such property shall be uniformly assessed, which shall not, afterJanuary 1, 1966 exceed 50 percent; and for a system of equalization of designated realand tangible personal property in lieu of general ad valorem taxation.

I read that is best keep wages and distributions equal to avoid a red flag from the irs.

Total rents collected being equal, there are 2 main advantages I see in SFH:1. 

Just want to point out to any other new people reading it that $10,000/month gross rent from a rental does not equal $10,000/month income for you, which is what my friends are looking for.

From my readings in how to be a Landlord; typically what judges & courts award Landlords from tenants who break leases & move out, are the equalent of what the rental payment is, for 2 months, + plus forfeiture of the tenants' deposit or deposits.

Document your minimum requirements and apply them equally to all applicants.

Those expenses may be lower following the renovation, but $20 doesn't go that far and over time, it all equals out.Insurance looks ridiculously high.