Taxes, property management fees, insurance, heating (this old building uses oil heating), 10% of rent per year to maintenance, snow removal, pest control, etc add up to ~$29,000/yr.

Costs that I think a lot of flippers may forget to include are: interest on money in play over time, property taxes, insurance, lawn or snow maintenance, utilties, risk for vandilism, loss of doing other deals if funds are limited and tided up....and your time!!!

You're in texas so you don't have to worry about snow, but who's gonna do the landscaping?

Here are the details on the propertyJanesville, WI4 unit; 1b/1b eachAsking Price: $100k (Also assessed at 100k)Rent: $2300 totalLandlord Costs (Gas, Water, lawn/snow): $303PITI: $832 (after Refi with loan value 98k)Vac, Maint, CapEx, Mgmt: (8,10,8,8) $782Repairs: 17 yrs SMOKE DAMAGE; new roof; new windows; Kitchen updating - Estimated: $25kMy only comp is another seller with 4 unit; 3 units with 1 bed, 1 bath; 1 efficiency; who said they were putting on market for $160k (though assessed at $115k).

Accounting, Advertising, Cleaning, Insurance, Lawn Care/Snow Removal, Legal fees, Maintenance & Repairs, Capital Expenses, Taxes, and Utilities....and of course Mortgage?

I have four rentals that I plow when it snows.  

@Allan Snow Its very possible I know someone who works with Canadian Investors he helps with the process of opening a foreign LLC if needed.

Plumbers, electricians, roofing, yard and snow maintenance.

If you would like to mow the lawn and shovel the snow yourself, the rent would be reduced by $100 per month.

HOA Fees $0.00   Lawn/Snow $0.00   Vacancy $150.40 8% Repairs $100.00   CapEx $131.60 7% Property Management $0.00   Mortgage $381.93   Total Monthly Operating Expenses $1,469.93