these tenant friendly laws seldom matter because the vacancy is so low the tenants want to stay in their units and realize an eviction will make it challenging to ever find a quality rental in this market.  

Budge for unexpected repairs.

In a text book case you'd buy a property for half of its ARV (after repair value) and then spend 25% of ARV on rehab and generate 25% equity.

The real property investment can be repositioned if it proves disappointing in its original form; it can be refinanced or recapitalized if it has too much or too e pensive debt; inflation over time bales out many bad purchases, and finally the investors knowledge, experience and abilities can be leveraged to turn around a cash flow negative property.I’ll provide an exampleThree years ago we purchased a note from a bank secured by two auto repair facilities with a large amount of excess land.  

Rental income and expenses, such as mortgage interest, property taxes, repairs, and depreciation, can be reported on Schedule E of your personal tax return, regardless of ownership structure. 

I am hopeful they will want to work with me to get things repaired and updated to validate appropriate rent increases.

Let’s break it down with the 70% rule to see if it’s investor-friendly:ARV: $190,000 (taking the middle of $180K-$200K)70% of ARV: $190,000 * 0.7 = $133,000Minus Estimated Repairs:Roof: $20,000AC: $4,000Additional repairs (general estimate for a property needing updates, say flooring, paint, minor plumbing): $10,000-$15,000Total Repairs: approx. $35,000Max Buy Price for Investor: $133,000 - $35,000 - $10,000 (wholesale fee) = $88,000Since you’re getting it for $91,000, you’re close, but to make it irresistible, consider negotiating the purchase price down a bit further.

I would say it's more of a scam to offer a seller <70% on a property that needs $5k in material repairs  and flip it for 125% without stepping foot in the property.

Purchase price: $2,800,000 Cash invested: $560,000 The property is a three-story multi-family residential building with six independent units, initially facing significant challenges due to poor conditions.Renovation Investment Summary:- **Structural Repairs:** $250,000- **Kitchen Modernization:** $100,000- **Bathroom Updates:** $50,000- **Exterior Improvements:** $100,000- **Holding Costs:** $50,000- **Property Taxes:** $30,000- **Insurance Costs:** $10,000- **Management Services:** $10,000

My suggestion is to buy a property worth more than $1M since anything cheaper for 4-plex will not be high quality.