I never underwrite using the CAP rate ... in fact, the only time I have any curiosity about the CAP rate is when I am thinking about selling a property (and am trying to determine how much someone will pay).CAP rate is a dangerously misused metric which is far to frequently batted about as though it has significance beyond being the inverse of a P/E ratio for a business/property at a point in time.

In addition you should require tenants to be responsible for repairs within $50-$75 AND you should be charging a fee if they schedule a call with you for items which are caused by operator error (faulty appliance... when it’s just unplugged)Some one here posted that the Tenant should be replacing it because they used it last... and your obviously seeking advice so good on you... but certainly that is bad advice, you need to know the difference of when the tenant should be responsible .... if items break because they have run their life expectancy YOU are responsible as the landlord for the cost of replacement, if your tenant breaks it or misuses it prematurely, it’s the Tenants responsibility.

I'm not familiar with conservation easements, but it sounds like taxpayers have abused this deduction or blatantly disregarded zoning laws and misused the land for what it was intended for. 

Until then stop faulting the person who own's the stuff you're renting when you don't pay your rent,  or mis-use their stuff.      

Investors have misused agents many times baiting with the whole "help me for free and maybe I pay you a fee" way of acting.Which causes many agents to be defensive, unmotivated, or deny work with investors.

Should Owner determine repairs are necessary due to the misuse, abuse, or neglect by Tenant, his guests or invitees, Tenant shall be responsible for the cost of such repairs.

The board can't be held responsible for misuse of funds.

I run into a lot of other agents who mis-use the “non-conforming” label to try to lend some legitimacy to what is simply an illegal addition or alteration, which just muddies the water and results in uninformed buyers making costly mistakes  

Almost every investor of any size uses the leverage of OPM.I understand Mr Ramsey is going after the 80% that abuse/misuse credit and dig a hole.