I made a few thousand less than expected but I figure that's just the cost of doing business sometimes.Based on my experience I wouldn't let the remote possibility that a homeowner might go into greed mode dissuade you from doing these deals.

If/when you raise the rent, and depending on how much you borrowed to buy it, I would expect you could do a cash out refi to recoup some of your capital. 

If the property is in Florida, expect insurance to double13.

This can be helpful if you expect your property to become profitable soon.Save It for Later: If you don’t use it this year, you can save the depreciation for future years when you have more rental income.

Expect to keep paying.

On buy-and holds we usually replace all the plumbing with pex, no matter what, because galvanized has a life expectation of about 60 years, so I usually take the sooner than later approach.Stick with hard money, like Mach1 or or MKE hard money (Scott Lurie) as they will not leand on a deal that does not pencil out, so you have the added benefit of someone experienced looking over your numbers.

Speaking of which.. what’s your plan if the property needs more updates than expected..would you hold it longer, or look for other creative ways to make it work? 

Thoughts on market expectations for North Charleston?

If they think it should or should not include certain SF then they need to adjust the lease rate they're willing to pay, or revise the leasing exhibit/description to match their expectation of leasable SF.On Wed this week I did an industrial outdoor lease exhibit for 3 Ac gross on a larger 20+ acre site.

People are going to expect a return in thier investment.