If you want a brand new house go rent one and let me know when the faucet starts leaking.

Now another stack of units in my building found the same problem, and last bad rain storm I got a new leak in my ceiling.  

He had a bandit sign that read "leak repair $150.00", so I estimated total repair of 4 items would be $600, but his bid is for $1,000.00B) Contractor B bid $700 to fix 2 leaks, replacing 10 feet of plank wood 2 pieces, replace shingles (no plastic cement).

Can possible sub divide lot.over 5,000 sqft all brickrehab estimate- exterior 40,000... interior 20,000 per unit x 4= 80,000Total Rehab $120,000Seller Asking PRICE $175,000Present mortgage $125,000 @ 7.2% 30 year term (was originally $152,000 in 2004)No second liens2 units are occupied (don't see how with all the deferred maintenance) and supposedly collecting rents $600 eachThey originally offered a "land contract" at $175,000City assessment- based on land and structure $203,000All units are metered separately- electricity, gas, water, trash etc...The good news....pro forma base upon what I know about that area.

I wouldn’t at all recommend that you go with someone that doesn’t have any experience, when someone hooks up a water meter incorrectly and or forgets to put stiffiners in they poly lines before putting on the copper fittings, you will be digging it up eventually to fix some leaks.

I would focus on repairing your credit. see a specialist (faster) or open credit cards little by little and pay them off each month. im not saying increase your spending, just saying instead of buying that tank of gas in cash use a cc and immediately pay it off. while your credit is repairing, start banking cash. build a budget and stick to it. 80K a year is good money, make it a goal of yours to retain as much of it as possible i.e. don't eat out, don't go to the local pub, drive a modest paid off car etc. once your credit is up and savings is up, use the 80k a year plus savings to get leverage. then use that leverage to buy your properties. if your looking for a get rich quick scheme, id advise u skip over RE. don't get me wrong, you can make money fast by flipping homes but you didn't mention having experience in that area so I assume you don't. another option if your really in a hurry is to find a partner with experience and cash, and see if you can buy into one of his/hers deals. you would have to market yourself for this and see what type of skills they may need that you have. maybe you can buy in and use your web development skills to beef up and/or maintain your partners website saving them money on outsourcing. that might be your ticket into a partnership. since you mentioned your helping your friend, maybe you can partner with him?

Be sure to include not just fixing leaking sinks and the run of the mill maintenance items but also make-ready work and other odds and ends, like regular seasonal items (checking furnaces, A/Cs, lawncare, etc).

So my first property I was hoping to have on market needs it’s gas pipes (from street to the meter) replaced.

They are both cash flowing nicely and have excited us to push forward to a new level.I am a Texas A&M graduate managing a welding shop for the oil and gas industry. 

Higher end rent would require some repairs and rehab.Capex $285Maintenance $285Vacancy $190Insurance $110Water & Sewer $85Taxes $1042 ($12,500 per year).Structure of the property is in decent condition, no current leaks or issues found.Two leases are month to month as of this month, the one bedroom has a lease until august.Gas, heat, and electricity are all paid by the tenants individually.