Capital expenditures includes things that will absolutely need to be replaced at some point including your roof, hot water heater, appliances, HVAC(s), floors, carpet, plumbing ,paint (indoors and out), etc.

All 2 bedroom unitsRents: $600 per doorMarket rents: $1100-1300 per unitRehab budget: $175kOther measures being implemented to increase NOI: Energy efficient LED lighting indoor and outdoor, RUBS, coin laundry, storage units, pet feesProjected rehab time: 6 monthsProjected ARV based on 7 CAP: $1.2mProjected cashflow after cashout refi: $400 per doorDeal#3Cost per unit: $55kRent per unit: $800-850/mo per unitProperty type: 4plex in Cincinnati How we found it: off market through Facebook groupStrategy: 1 year House-hack followed by 5-7 yr hold rentalFinancing: FHA loan 3.5% down @2.375% interest rate2 units owner occupied, 2 units rentedRental income covers all expenses and mortgage costsIf all 4 units are rented, property to cashflow $200-250 per door as-isLearnings:1) Mindset shift Reading Kiyosaki's Rich Dad, Poor Dad and Cashflow quadrant motivated us to - let go of our liabilities and build assets, move from Employee quadrant to Entrepreneur and Investor quadrant and put us on the path to create passive income.  2) Education - We spent a year reading books on real estate investing, listening to podcasts, reading BP forums and analyzing deals.

That should give you the knowledge that you need to deal with mold.Travis West, CIEC, MAC0325CIEC - Certified Indoor Environmental Consultant, American Council of Accredited CertificationsMAC0325 - State-licensed Mold Assessment Consultant, Texas Department of State Health Services

He gave me a quote for replacing just the indoor unit: $800 with labor and materials for Goodman, or $1200 for Trane-- at this point they took the bells and whistles away.

Many Hosts don't mind outdoor smoking, or even indoor marijuana use.

I think I am becoming a fan of rigid plank vinyl and providing tenants with felt furniture feet pads and checking up that they installed them on beds, dining chairs etc if you allow pets...leave a pet indoors too long and they have to go somewhere.

There would be three adults and 3 very good indoor cats. 

Be careful, of contractors low balling you to get in door, once there, everything is an extra.

However, I already had relationships with the Realtors I worked with beforehand and that is what got me in door and to the top of their lists (or at least close to the top!). 

Ras,I have zero experience with vacation rentals in Door County, but this sounds like a great deal to me as well.