The tenants parents cleaned the property completely and we were able to rent it a few months later.

I'm pretty excited to get this off my back.Before anyone comes at me with how this is not a wise decision given the time value of money and potential compound growth, just know I am completely aware that I could have invested this money at a higher interest rate and "put it to work" rather than paying down my 4.5% loans, but it was more of a freedom from this non asset-based debt that I was wanting to  get rid of. 

Strangely enough the seller had a complete remediation done & certified BUT the buyers child was still positive for lead after 3 months of living in the home.

It's those maniacs that buy homes cash via quit claim deed off of craigslist that really get screwed.Make sure your property manager is a licensed real estate brokerage.Understand you can not eliminate all risk, only mitigate it.

One of my favorite books was "The Complete Guide to Buying and Selling Apartment Buidings" by Steve Berges.

I would like to ask for a copy of the other offers, with entities redacted, but the broker will claim to be offended by this.

But don't expect a complete history of their tenancy.

@Tracy Layton many investors in your position will go without the Property portion of the insurance, but keep General Liability (GL) coverage.GL is usually 10-20% of your total insurance cost, but could be the largest financial claim.

What I’m thinking (feedback please):- Completely gut the top floor and put 3-4 apartments/condos up top (these would lease for $600-$1000 depending on size).- use back half of the lower level for self storage facility and rent those out.- Lease out the store front half of the lower level to retail or something similar (not a priority since the apartments and storage alone will cash-flow the deal)Operating Expenses: ~$11000 (high estimate)NOI: $26350.00Debt Expense: $18914Cash Flow before taxes: $7438.00Taxable NOI: $4425I’m not looking to pay myself anything, as I’d just like to hold this as long as possible for my kids and to learn as much as possible for my next deal.

Hello All: A while back I read a post about advice to landlords and PM's to advertise units under renovation or repairs units ASAP - like when the previous tenant gives notice or is evicted - even when renovations are planned, not completed.