I'm curious as to what cosmetic rehab you have to do that costs $27K? 

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

Focus on areas with strong rental demand, like Broad Ripple, Fountain Square, or near universities like Butler and IUPUI.Maintenance Costs: Indiana weather can be tough on properties, so budget for seasonal maintenance like snow removal and HVAC servicing.Additional AdviceKeep an Emergency Fund: Unexpected repairs or vacancies can arise, so having 3-6 months of expenses saved will help you weather any surprises.Build a Reliable Team: I have lists of contractors, handymen, cleaners and property managers if you'd like me to send.Good luck with your property and future expansion!

The location all in,cost him X; he got an appraisal for the bank from CBRE national firmof XX and now the firm who called him mentioned paying XXX.

Quote from @Erick Pena: A "good" rental property is one that covers all expenses (mortgage, taxes, insurance, maintenance, property management fees, and any other costs) and still leave a surplus (commonly referred to as cash flow).Calculate cash flow as: Cash Flow = Rental Income − Operating Expenses − DebtThere's much more to it, but that's the basic idea.

On-site lodging gives our venue a competitive advantage over others without lodging, and also provides us an income stream on non-event nights (by renting them on Airbnb/VRBO/direct).https://www.battengreen.com/

I'd highly recommend house hacking in your local market since you're in one of the highest cost of living areas in the US, especially if you're renting currently and planning on staying in the area for 5-10 years.It sounds sexy to go out and invest out of state for your first property.

Additionally, your brother would inherit your cost basis in the property, which could result in significant capital gains tax if he sells the property later.

They will have additional costs for mailing & online campaigns to get leads.

Cost of construction is expensive and about to get worse.