Very few rentals close by (at least for now, in winter), but desirable location.We will do some updating no matter what:New laminate floor in kitchen/hallSiding needs replacing (have some insurance $ for that)Fresh paintNeeds new windows (maybe).Needs a bunch of concrete work (garage floor, driveway, stoop, walk to door).With those improvements we should be able to get at least $1000/mo.A room addition to add a large ensuite Bedroom/bath, and a laundry room to get the washer, dryer out of the garage, the bid came in at 59000 (This includes the siding).  

A median tech salary is about $150k and fresh grads from top schools are making that much to start with. 

Over and over again.You need to reset the clock and start fresh.

Any company that is telling you these freshly rehabbed houses with good tenants in place also has 25% of equity in it is lying.

If you send out enough offers (like we do) it's not hard to uncover folks that are ready to sell.Sure a lot more goes into it, but that's the gist.Hope that helps!

Or am I getting some things wrong.be harsh here that 40k is almost everything we got savings wise. we will have a 5k emergency fund after this. and the current tenant leases are up so I would have to start fresh tenant wise maybe hire property managment and just pay out of pocket for themIt looks good from a newbes eyes but I want to hear from the pros

Record every wall, ceiling, floor, front and back of doors, shades opened and closed, window screens, yard from every angle, home exterior from every angle, mattresses (uncovered), etc.

Britney King Start Fresh Renovations LLC

The fresh rehab usually means low capex.

And they would be able to go into the next deal with an all new basis and fresh depreciation.