We're hoping to use this cash as a down payment to get our first rental property and since we built the house to ourselves, nail by nail, we have another $70k in sweat equity that we could probably use for a HELOC to use as down payments for additional properties.

January's goal is to nail down a good title company, have a lawyer to go over the buyer/seller contract that I found on BP for correctness, and nail down at least 10 leads to action.

From what I've seen, it seems like nailing down a good market value on multi family units like this one are a bit challenging.

@Stephanie P. pretty much nailed it.

Market price is really only what somebody will pay, but  I just want to nail down as close to a justified value as I can. 

Hello Jay,In addition in OREGON I have a few bird dogs that bring me deals and one of them specifically got turned in by a neighbor to the state when he put a forsale sign in the yard.. the neighbor it was apparent wanted the house.. he knew my guy did not own it.. and filed a complaint for unlicensed activity my guy got nailed and its about like a DUII it cost him about 10k.. and a lot of stress. 

my town has a resale inspection where they go through the whole property, original plans, permits pulled and nail you for everything. 

@John Warren You nailed it!

The tenant was also charged $130 for tenant caused repairs (I.E. dog holes in back yard).The work needed upon move out was:- Full paint including ceilings in all 3 upstairs bedrooms - normal wear and tear- Paint interior and exterior doors front and back - normal wear and tear the sun beats down on these doors- Fill in all nail holes and repair where old curtain rods were on windows- Install smoke alarms - normal upon move out- Change furnace filter - normal upon move out- Fill dog holes in back yard - Check all plumbing and electrical to ensure is functioning (switches, plugs, outlets, drains, faucets) - precautionary to avoid maintenance issues as it is cheaper to do everything at once rather than have several maintenance calls after a move in- Roof repairs - not tenant damage- Ceiling repairs in upper bedrooms - due to roof leak- Repair storm door on front and rear entry- Remove all debris throughout the property- Check all cabinets, doors, hinges, are tight and open/close as they should - precautionary to avoid maintenance issues as it is cheaper to do everything at once rather than have several maintenance calls after a move in- Repair kitchen cabinet that is leaning forward - minor repair- Install shower head- Reglaze bathtub - not tenant damage- Install light bulbs in every socket - normal upon move out- Check all ceiling fans operate and install globes where missing - precautionary to avoid maintenance issues as it is cheaper to do everything at once rather than have several maintenance calls after a move in- Change front and back entry door locks - normal In move outYour response below:Skye,Isn't this supposed to be covered by the tenant's deposit?

@Michael Ablan nailed that one on the head.