A turn-key property allows you to walk into something that is ready to go to be rented out with minimal repairs, or it potentially already has tenants in place.

Teahjsia, I think you are in the right place to network and learn from other investors that have walked the same path.

Text and verbal agreements are legally binding in Virginia (where the rental is).I really believe she initially intended it to be a year long renewal, as she also remarked she was very happy, as it is only a block walk for her daughter to school.She now has a boyfriend (he hasn’t moved in), and a house they want to move into together, so she is giving notice.She is focusing on the clause in the lease that states: “HOLDING OVER: Any holding over after expiration hereof, with the consent of the Owner, shall be construed as a month to month tenancy in accordance with the terms hereof, as applicable.

Who, what, when, where and why. side note: Are you having a home inspector walk through before closing? 

How many properties have you walked in your life? 

My calculations are based on 2 sets of numbers - the numbers the seller has provided, and my own calculations accounting for 5% for vacancy, 5% for repair, 5% for capex, 10% for property management and actual costs for property tax/insurance.I am trying to decide if this deal is worth pursuing or if I should walk away due to the premium on the homes.

I lost $1,500 on one of those deals but didn’t mind because I found a better property and walked away.

Text and verbal agreements are legally binding in Virginia (where the rental is).I really believe she initially intended it to be a year long renewal, as she also remarked she was very happy, as it is only a block walk for her daughter to school.She now has a boyfriend (he hasn’t moved in), and a house they want to move into together, so she is giving notice.

@Bradley SnyderNever done it but I would guess there are homes that do not have insurance that get destroyed and homeowners will walk from them.

I have a 2.625% interest rate and the home is in a desirable, established neighborhood in the city and just a few minute walk to the University of Pacific.