Follow thru with eviction on first of month, cause failure to vacate after proper notice of non-renewal.. don't accept any rent, 

Also from the partnership point of view especially for a long-term ahead, I want to make smart decisions now so I don't regret later:))I would appreciate your input on cons and pros - I need to decide quickly which is the proper way to go!

I walked the property and noticed that it was creating a swamp, rather than functioning properly, and pulled all septic permits since 1969.

Also, if your tenant is month to month, be aware that you continuously collecting late rent might have tacitly reset the payment date, which could cause you to lose if presented properly to a judge.

This is a very common situation and I am surprised that seems to be some much confusionBuying a house as is simply means the seller is not making any repairs but And I repeat but your did not waive any or your contingencies unless expressed in the contract1- Right to due diligence  as per California law2- Right of inspection3-Appraisal and financing contingencies, title issue  etc etcYour agent should have sent out an addendum cancelling escrow if seller does not respond to your requests for repairs or whatever you wanted before your due diligence period expires  The emd is yours to keep if your sent out the proper notices during the time periods  allowed  The agent should know this it is Read your contract to confirm 

Taxes are supposed to be 100% of the market value, but reality is, certain homes aren't assessed for awhile, people make renovations without proper permits, assessors may assess at a higher amount, etc. 

Great idea, I would love to see more REI Meetups in SF proper.  

Outside Phoenix proper - in Mesa, you will find more of what you're looking for.

@Brandon Stewart this post might take a full time, 40 hour job to really understand how to properly qualify everything you talking about in this post.  

When you properly account for your expenses you are almost certainly losing money on that property.