Leaving you to move and store their items if required by law, clean and repair, etc etc.

So one major repair can wipe out a year's worth of profit.

@Tim Charles You can pay that debt off ahead of time if you want.

Get the inspection but remember they are looking for hazards and not considering what repairs will do to the final value or monthly rent.

Even if they took 30% you’d be way ahead of zero income.

The house went through a full inspection with some minor repairs costing $1500.

A big learning curve ahead i suppose.

Opportunities like this don't come along often and can be the foundation for your future.You just need to know what repairs are going to come due and when, and start learning about how to be a landlord.

I grew up in the industry and still have a hard time with holding contractors accountable.thx Adam - We agreed from the start that we would pay the $500 a month as they sounded great in an interview , go to town council meetings on our behalf , and do some in house work like put up blinds  and minor repairs that is included in that fee.

Purchase price: $55,000 Cash invested: $110,000 Sale price: $205,000 This was a 1950 raised home that needed extensive foundation repairs as well as all plumbing, electrical and subflooring.