. $30K should be more than enough for fresh paint and flooring and some other odds and ends, but if you need dry wall, cabinets, countertops, mechanicals etc it could get much pricier. 

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this might be somewhat unrelated and I might be a bit of a broken record here but I continue to stress this feedback that I really don't understand why it can't be changed - The financing options/terminology/content is very confusing and poorly defined here on BP - If you look at the financing options of "Find a Lender" and on the website / forums - there are terms and interchangeable content that has to be super confusing to people from a financing perspective - probably at least partially leading to excess questions and request posts - as it is extremely hard for a new or somewhat new investor to clearly understand all the options and numbers..My 2 cents(see below - what is the difference between a "Bridge Loan and "Fix & Flip" loan?

Thank you for sharing your perspective—it’s given me a lot to think about.

@Angela Marquez, I would be delighted to help with feedback and analytics on the Orlando market and the specific home you have purchased, from the property management perspective.

That depends on your perspective. 

Hello Cliff, as I went through this about five years ago before I started investing in properties, the advice that you’ve been given initially is right on point so from another perspective, but say that you hire yourself as a W-2 employee instead of an owner on your schedule C personal 1040.

I’m wanting perspectives like yours as well to know what risks we might be taking.

However, from the perspective of the tenants I know, including friends and family who are Section 8 tenants, I have observed some concerning behavior.

@Monica Mejia, @Christian Ehlers and @Eric Yu offer balanced perspectives here.