Over the last year I have built up a strong Home Repairs business (Eastern NC Home Repairs) that services New Bern, Greenville, Jacksonville, Morehead City, Kinston, and Havelock.

We are paying $300k for the land and as a builder my costs are lower but let’s use retail so it’s safe. 900k build so a grand total of $1.2milIf you put 20% down and refinance in a year from now at 5.9 (realistic to me) that would be $24k net after taxes, 7% put for capex and repairs(it’s new), and insurance.

Accounting for approximately $10,000 of repairs, maintenance, and capital expenses per month, this still leaves a passive stream of about 20,000 to split between two partners.

And if the city inspector finds issues then who is responsible for the repairs? 

The real problem comes in when the unexpected happens, like a roof repair, or a boiler replacement, on top of the negative cash flow.If it was me, I would try to save more, take out less debt, to help with cash flow.

If it will, then you've got yourself a good $1000k +/- and don't forget to factor for repairs and vacancy, PM.

They should keep detailed records, including photos of damaged property, repair estimates, and receipts for items like cars and appliances.

It is not an unreasonable request for her to ask for proof that you paid what you said to have the items repaired. 

I bought it turnkey with a few minor repairs.

Is that after allowances for repairs and vacancy?