@Lucas Schlund there are logically, 3 options:1) Buy Cash: PROS: You can get better prices on houses because you can close faster with motivated sellers and buy houses that need repairs to qualify for a mortgage (less buyer competition)CONS: takes the longest to save the funds2) Use Rehab Loan:PROS: Same as #1CONS: more expensive loans:---FHA 203(k): not that expensive, but must live in the property for 12 months before renting---DSR Rehab loan: relatively expensive and may need experience to qualify3) Mortgage on Property with Cosmetic Repairs:PROS: easiest & cheapest to doCONS: lots of competition, so can be hard to find a "deal"PM us if you'd like to discuss these in more detail.

At least half are not actually here to learn, they are here to get just any random person to validate their idea of success in the short-term.

Many renovations and updates are already done (half the windows, all bathrooms, both kitchens) and I love a Tudor.

I tell my wife I’ll take her out on a date for every late tenant and I hope a half dozen or more are late every month.

it was a one of a kind car wash at the time and I think that helped with a high appraisal. at time of the lower appraisal the owners were using as an umbrella company and showing  -$80,000 a year in income. we spent a little bit over half a million to replace and renovate all the equipment and customer lobby all in all. check it out on google, Cache car wash express and detail in Logan utah! 

I would cut the rent in half for that month and than inform them about getting insurance for the future.

With those stats, you'll pull half the accountants in the forum out of the woodwork, most of us would be more than happy to work with someone in your financial position as it means we can provide a fair amount of value.Whoever you work with, I would recommend you consider finding a firm with substantial experience to offer in both real estate, and estate/gift planning given your goals.. 

Actually calculating ARV will be the easiest part of the process, trust me.

@David Hall  the buy a home on credit cards really does not work in CA.. you can't buy homes for 5 to 10k like you can in MI...Nor will a LOI work in most of CA market won't allow it.. and agents with half a brain would not even return a call or e mail.

I find these are the easiest cold calls to make, but usually they will hit you with a big sticker price at first.