A cynical person might think that the government is attempting a takeover of the banking system, under the guise of an emergency.

But before leaving ( i had to go back family emergency) I hired a friend. 

No one wants to pay more for something they have enjoyed at a discount no matter how much improvement has occurred.Basically you need to keep this sort of rental as a month to month deal.This is very important because the tenant is a short term tenant.They are usuallly too smart for their own good. if they are clever enoughto spot the advantage to this situation they think they are clever enough toget more from you than you are willing to give.They will end up problematic in the long term. but in the short term they work out really well.Keep them to 6 months maximum.especially when you go to increase the rent after the renovations are complete.To me the good out weighs the bad when you are in a cash strapped positionI have employed this strategy four times.I have found that at bare minimum I have managed to pick up a few thousand to put toward a renovation.I never found a great tenant that I would want a long relationship with.I managed to improve two properties using this methodand I will use it again.this is what I have learned.Do get people who know a thing or two about building houses.always be there to inspect anything you let them do.let them know that you will be around to inspect the jobduring and after its completiongo over all of your details prior.Never let them do any repairs without your consent.let them know this will be grounds for immediate eviction.Always set time tablesnever never make promises about what you will donever make statements about you want to donever make statements about what you wish to do.keep the lease to a month to monthor 6months at a maximum.Do attach a rider to your lease thatreleases you from any liability in case they get injured on premises.Thats all people.this is an emergency solution not the ideal solution.I am not recommending this as a first course measure.but in those situations where you may have thought about leaving a property vacant until you can get around to fixing it up

Nicholas, I would agree with Douglas that you really need to have some cash stashed away somewhere for an emergency.

Wouldn't you rather have that capital for emergencies, vacancies, improvements, or acquisitions?

Agency, specializing in emergency service org, public entities), who is looking to create a stream of rental properties income.

I have met some people who invest in a property but then have nothing left over for the emergencies to cover their end of the tenant/landlord responsibility.

This is key you MUST give 24 hour notice but that does not mean that you need their permission to enter as long as you have given proper notice, this is especially true for emergency situations, like if electrical is the issue.If the "tenant" (he) is not on the lease give them a cure or quit to leave.

I'd really enjoy being in a different field where I'm not being woken up to emergency calls at 3AM every week.

My lease protects me against abandonment explicitly, and when I attended my hearing for "emergency repossession" the judge giggled and said I didn't have to go thru this step, though "technically" I was doing the right thing.