I am thinking of making an all-cash offer to purchase a SFR with existing fire damage in the kitchen at a price well below market value The property is in otherwise solid condition and in a great neighborhood.

Hello, Bigger Pockets this is my first post so not sure if y'all would respond but I have a couple of questions on my first rental property I'm 24 with my own business that trying to build a REP. this may be a long post sorry                    (side note I'm doing a BRRR without the major renovations i will maybe possibly do a kitchen but its basically turn-key sorry if in the wrong forum) I have about 70k and I am willing to put up to 50k(20%) on a 250k house and have the other 20k as reserves. 

I am thinking of making an all-cash offer to purchase a SFR with existing fire damage in the kitchen at a price well below market value The property is in otherwise solid condition and in a great neighborhood.

It has a kitchen in an area of the home where there's no attic access.

Needs complete rehab ceiling is showing mold in living room and room kitchen cabinets has to be more updated flooring needs redone painting outside and in bathroom needs to be updated the property value is estimated 401k highest 437,090 rent in area I seen 2600 lowest highest being 2750 a contractor roughly estimated told me I’m looking at 134k

Hey Enos, totally can relate with you being from an expensive real estate market - I moved to Columbus a few years ago (from Portland, Oregon which was super expensive) to become a full time real estate investor, and ever since, I've completed quite a lot of BRRRRs, flips, and own a successful rental portfolio here in Columbus Ohio.

The bathroom and kitchen are 1960s style and I plan to get some contractors to demo/rehab it to make it more modern.

Do you set rules on kitchen use and cleanup and act as house manager or how is that handled?

You're still putting in a kitchen, bath, HVAC, electrical, etc. which are your larger cost items.

A prospective tenant views the apt with me, and I tell them "What you see is what you get, aside from a good cleaning, if you were to move in here, this is how you would get the apartment" .....then they move in and it's "what about this little paint blemish on the wall, what about that 1 cracked floor tile in the kitchen" ......I shut it right down.