It was a nightmare to try to charge tenants because so many just used excess water all of the time...like leaving the hose running overnight on a driveway. 

Any monies collected in excess of rent owing to the buyer would get forwarded to the seller by the buyer directly once collected.

I would assume that if he lended me $25,000 @ 10%, I would be able to write off that interest expense, he would be able to take that as nontaxable income that goes back into the self directed IRA and the excess cash-flow would be my taxable income?  

Our goal is to balance our protection against problematic scenarios that might arise (late rent, diminished care, eviction) against levying undue or excessive documentation and due diligence (credit checks, applications, etc.)  

It had gotten so bad at one point that a group formed to fight the excessive landlord tax, with some mild success - see the Providence Apartment Association.Personally I am very concerned that various cities and towns have made financial promises they really can't keep (pensions, infrastructure, etc.), and when push comes to shove, they will choose to raise taxes instead of renege on promises or institute needed reform.

I have however held a non-executive position on the board of directors of a Norwegian company managing a portfolio of commercial properties to a value in excess of 110 million USD.

We want to ensure the property is safe and habitable, but these expenses seem excessive.

Whilst I appreciate this forum and value it greatly it is excessively conservative in nature and a little demeaning in some cases to newbies trying to wholesale.

Right now, newer vintages, larger mix of 2 beds, washer dryer hookups, townhome style, median income in excess of 50,000.

If we have more excessive heat years, the Atlantic will get crushed with this from el nino.