Hi everyone,
I’m a new investor learning the ropes of being a midterm landlord. I bought an outdated condo, planning to do a cosmetic rehab later when I had more budget.

I moved out of the condo in mid-2024 for a ...

I have some upcoming repairs needed that outweigh the Homestead Exemption and plan to make my primary home a long term rental in the next 7 years but the repairs can’t wait.  

For example do you have a great w2 and can you afford to cover costs of a major repair or 3 months of vacancy?

Assume break even cash flow while rented which includes a generous $600/mo repair fund. 

They offer a $10K repair fund to fix damages in addition to SD plus warranty for appliance repair etc.I have no say in whom they choose to move in, whether there are animals, limit on # of occupants etc. they reserve right to inspect property so i have no idea if they can tell me to remodel, paint etc.does this make sense i have a vacancy coming up in October (bad rental timing).

The current owner bought it for $30K and I know they had to clean up a lot of title work and started doing repairs. 

This simple update has big implications for property owners, allowing small repairs and maintenance to be handled more quickly and affordably.

Landlord will promptly respond to Tenant request for repairs but will not be monetarily responsible for tenant disruptions or inconveniences during habitable times of repairs or tenant/guest injuries incurred in or around obvious areas of maintenance, repairs, or construction.We are more converned about them expecting us to pay for their losses rather than getting recouped for damages to our property. 

So, he's claiming the home warranty won't cover... fine, what's the repair cost?  

From there it's up to you on selling. 8 years you should be not breaking even unless this place is in a rough area or needed a ton for repairs over the years.