If you're buying a great property in a great area you're probably going to have tenants that are responsible, keep it up, don't call you when a light-bulb needs to be changed, etc.  

I have been looking at seller/owner financing as a way to build my long term rental portfolio and I was hoping some people on here may be able to shed some light on a few areas of this that I am a little unsure about.Most of the deals I am finding still have an underlying mortgage on them and are not owned free and clear.

The police also pull down the ceiling mounted light fixtures and rip outlets from the wall.

This is one of the more insightful one liners I have read here.A true warning to new investors and wonderful foreshadowing for the seasoned pros.

On a typical move-out/move-in job I had my "standard" tool box plus a materials box containing;the standard paint color I used for rentals-Navajo White, a bunch of paint stirring sticks (for sheetrock repair more than stirring paint), a couple of pieces of sheetrock 2' X 2', Elmer's glue, sheetrock screws, switch plates, a couple of outlets and switches, scrubbing stuff and chemicals, DOORSTOPS, light bulbs, mineral spirits and linseed oil and 000 steel wool for touching up stained wood, paper towels, TOILET PAPER, rags, paint brushes, SMALL LADDER, joint compound.Once you've gone through every room doing the "touch ups" you'll have a good idea if you need to come back with your 8' and extension ladders, paint rollers and 5 gallon can of paint and drop clothes.

But, when it comes to finishes (light fixtures, plumbing fixtures, appliances, cabinets, etc), I prefer to maintain control over the look and feel of the final product.

But its light , small , and a great all around machine .

They would call directly with any concerns.The agents did all the buying/selecting of lighting, plumbing and flooring (with my input).

Awesome read that goes light years beyond real estate.

I would have at least put some fresh paint in there and then added some nicer lighting in the ceiling to jazz it up some.