Quote from @Abib Ndiaye: You know so little (no offense) that it's impossible to answer all your questions. 

(no offense) even if everything checks out, the 20k "estimate" to complete the other side was pulled out of your behind. i'd triple and quadruple check the numbers with actual contractors (if you can still find those), unless you're going to be doing a diy on it yourself (then double your timeline without cash flow on that side). your mind is overshadowed by potential success without giving any consideration to what can go south on this and quickly. the outrageous financing alone should give you a pause. in the end, you'll be out $45k-50k cash (best case scenario) to cash flow $100/mo?

He gave me a quote of $2k for adding the missing fiberglass insulation in the attic.Summary / Recap$4.2k (electrical repairs)$5k (plumbing repairs)$2k (HVAC repairs NOT a new system)$2k (insulation)---------------total = $13.2kIs it outrageous or offensive if provide the seller with an offer of the current price, minus the total cost of repairs quoted by the inspectors?

Take no offense from that statementBUT AS AN Aussie here in the US it took me 3hrs to get legit credit.

Ebahi,  please take no offense to this.. but with the questions your asking your not really prepared or should be doing any kind of high level investing.. unless the 5k you can lose and never blink and eye.and its such a small number that its really not worth paying an attorney to advise you.. this is were small dollar investors can get really taken advantage of.. your obviously coming here for free advice.. and you will get plenty of it..Maybe you see if @Michaela G. who is local will sit down with you ,, you buy her lunch and have her go over your details and docks etc.. she is experienced enough I bet to see if there is a chance this would really work..

No offense, @Jay Hinrichs.

No offense to my fellow brokers but my experience is that those who can't very well.......teach.  

Frankly, no offense to anyone from these areas but I think it would be better for us to invest in the midwest.

You will have to train your tenants to prioritize their rent and come down hard when they are abusing the property, paying late,  etc..What you are looking to do is not for the faint of heart and you will need to be strong willed and unforgiving of even minor offenses.  

Happy Holidays and may god bless you and your family this holiday season...I truly hope and pray this forum topic/post was not offensive to you or anyone else because that is not what it was intended to do...