Got it.What we include in the process as well, is "how best to protect yourself from the "due on sale", what happens if the renter stops paying, what if the seller won't vacate, how to get a title report, why to not use a real estate agent, how does this affect my taxes, what makes for a good deal, what exit strategy to use, how do I hold title, what happens when the seller comes back later and demands to be taken off of the loan, how do I hold insurance, what happens when a roof or waterheater need to be repaired or replaced, and on and on.

Very light repairs needed and turnkey property. 

With carrying costs, repairs, and previous unknowns, I am now looking at approximately $65k as we are doing nearly everything ourselves (I own heavy equipment and previously had a contracting/landscaping business).

Purchase price: $10,000 Cash invested: $75,000 New construction, purchased a home in condemned form form being I could do repairs and wife could sale being her real estate firm What made you interested in investing in this type of deal?

The message to the PM gets lost in the mix or isn't follow up on for repair and the tenant or guest gets injured by the broken step.A plaintiff's attorney is going to name both the property owner and property manager to the suit because that's just what they do.

nor is pesky repairs that don't show up until a few months or years of a tenant living in a property.i say all this not to discourage you but to arm you with facts. i don't want you to be surprised like so many others are.and: partnering, tapping into equity, anything else 'creative' just means expensive. 

Which is code for- has a great profit margin after expected repairs.  

The lease termination fee needs to be paid at the time they request this, do not substitute the security deposit for this purpose.This will ensure compensation for time, money and effort needed for a tenant turnover, including advertising and showing costs, regular repairs, utilities during vacancy etc.

If it's vacant and really needs cleaning/repairs, then I'll wait until it's more presentable.2.

Both the GP and the lender can tell their investors that they won.To your question on how this is calculated, there’s no math formula, instead it’s more like that scene in National Lampoon’s Vacation where the Griswold Family Truckster gets repaired at the only gas station in the desert.