You missed a BUNCH of the expenses, such as damage done by tenants in excess of the security deposit, advertising, entity maintenance, legal fees, evictions, lawsuits, office supplies, etc, etc, etc.Throughout the United States, operating expenses run 45% to 50% of the gross rents.

All it does is insure the amount in excess of 80%.The couple complaining to countrywide are about to have a foreclosure on their record if you can not refi out the property as the loan is in their name.

You will lose your ability to participate in the Section 8 program and you will likely be liable for civil damages, at least for the excess rent you've collected, interest, and court costs.

I don't attempt to evict people for being unclean unless it's excessive.

I have been selling apartment buildings for about eight years, having sold in excess of 1,000 units throughout my career.

The damage was in excess of the security deposit.

Therefore, I would not excessively rehab a property if it is going to be used as a rental, especially in the price range that you're talking about.

With the current market conditions and the excess inventory of bank owned homes most real cash buyers (the ones that close in 2 days) are looking for 45-50% ARV.

The $1500 operating expenses are things like taxes, insurance, management (even if you do it yourself), maintenance, advertising, office expenses, utilities (even if only during vacancies), legal fees, evictions, damage done by tenants in excess of the security deposit, etc, etc, etc.

I am a wholesaler and spend in excess of 40 hours per week viewing properties and tabulating the other necessary information involved in a wholesale transaction, which would be impossible for an investor with a fulltime job.