You can also write off expenses such as property management, insurance, repairs, etc.

From there it's up to you on selling. 8 years you should be not breaking even unless this place is in a rough area or needed a ton for repairs over the years.

Although the list may seem intensive, I look at it like this: The total cost of all these items can be much lower than the cost to repair a hidden surprise after purchasing a property to flip. 

If you have the budget for repairs if you rent it out, definitely rent it out!

This can be especially helpful if you’re uncertain about repair assumptions or costs.If it’s a contractor you’ve worked with multiple times, involving them early in the process is often beneficial.

Immediate attention to tenant problems, concerns, and repairs. 5.

The current owner bought it for $30K and I know they had to clean up a lot of title work and started doing repairs. 

Hey All, I’ve found an off market duplex in need of some repair (estimate unknown as I haven’t been inside yet).

This targets family’s between homes, either because they just moved to the area; have a definitive time work contract; current house is being rebuilt/remodeled/repaired; students with “rich” parents; recent separated/divorced who needs space for children visits; Houston medical center stays; etc.  

I've found an off-market property that would require $175k purchase, $35k down, $20k in repairs, with a conservative ARV of $235k.