Even though the FMRs are $730, I was conservative and used $600 for my Pro Forma- The current owner hasn’t raised them at all because he didn’t want any turnover- outside of cleaning and painting, no big costs- Not Section 8 

Second thing would be to work with a contractor, this is great stuff to do since you know building a house, building material costs, and knowledge of right and wrong what to do. 

Hre are the key things to knowWhat you are bidding on - often oddball properties that are hard to identify and have little value are auctioned offThe true as is value of the property, The tax assessment can be way higher or way lower than the true as is valueThe local laws and how they affet your total costs and returns

Although I know most sec 8 landlords use it because of the perception of guaranteed rents.As a small home builder I really dont know how they are going to lower the cost of new construction housing unless the govmit subsidizes it somehow.. basically the price of home components are very sticky they only go up. with the xception of lumber that will go  up and down through out the year..

Rentrange costs the manager to run each report, so as long as you do not abuse it or send the PM 30 properties I would help you.

Most DSCR programs will want you to have owned the property for more than 6 months to allow you to use appraised value instead of cost.

Turbotax isn't going to educate you so unless you'd like to educate yourself and potentially make some costly pitfalls, then I'd outsource.

Can try to reposition to Class B, but neighborhood may impede these efforts.Vacancy Est: Historically 10%, but 15-20% should be used to also cover tenant nonpayment, eviction costs & damages.Tenant Pool: majority will have FICO scores of 560-620 (approaching 22% probability of default), many blemishes, but should have no evictions in last 2 years.

I think its a scary feeling, like the cost of entry is too high.

Any tips on balancing renovation costs with tenant expectations when preparing a property for midterm stays?