Since your friend covers utilities, this offsets some of your cost.

You find the house completely trashed with missing appliances and cabinets, tenants were cooking meth, windows broken, etc. 6-8 months of unpaid rent, unpaid utilities, thousands to empty the abandoned property and trash, $50,000 to completely renovate the property and make it rentable again, plus all the time, energy, and stress along the way.I would actually argue this is pretty common and not even the worst-case scenario. 

Now for my out-of-pocket expenses:Down payment: $7500 (Hard money loan 90% purchase price 100% rehab)Closing costs: $6500Inspection: $400Agent's commission: $5200 (didn't raise purchase price of house with seller concessions, so that money didn't apply to the commission sadly. won't make this mistake again)Holding costs: $1300 (one interest-only payment of $770, roughly $200 in utilities and $360 in insurance)Total: roughly 21 grand. 

It all starts with a website and online presence.Let me know if you need step-by-step directions how to do this right.

I’d have a better picture by sitting down with someone at a bank, but I did a calculation online and the new loan on cashing out $130k would still be covered by the current rental payment.

Also, how do you deal with utilities?

More specific: He stole months of rent and utility payments from a tenant (and threatened to evict her!)

This explains why your taxable income was zeroed out on Form 1040, even if the standard deduction wasn’t utilized.

Remain responsible for rent, utilities, and other terms until a replacement tenant takes over.#2 can be a bad option in the middle of winter when renters are harder to find.

We found this home through a combination of online tools and personal exploration in the area.