When you own investment properties you should find out who is responsible if the building gets condemned

 When you own investment properties you should find out who is responsible if the building gets condemned 

Over the last few years up until the middle of 2007 I was actively buying investment properties. Some were purchased with one other partner and the others were with three. I wasn't the biggest fish but I could hold my own in the pond. Some of the properties we bought were in fair shape and were located in tough neighborhoods. But I saw some potential to make a little income...not a lot but just enough to pay the operating costs and a little left over to keep in the bank. We were also able to rent them out to people who qualified for Section 8 housing. The money was guaranteed and we ended up getting two reliable tenants who paid their rent on time.

We owned two in the same complex and we were able to get them really inexpensive. We paid cash for them so basically we were responsible for the maintenance and taxes. Renovations we did were adequate enough and we were lucky to have any major repair issues...it was mostly regular maintenance with a few broken switches.

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