Based on what you’re saying, this deal doesn’t work—at least not for cash flow.If you’re losing $500/month upfront, that’s $6,000+ per year coming out of pocket, not counting potential repairs, vacancies, or unexpected costs.

You could probably go as high as borrowing up to 80% of the after repair value (ARV.) 0.8*165,000=$132,000.

It wasn't in this condition when I checked it a few months ago.1) holes in walls and bad patch job2) They super-glued a faucet knob which now doesn't work4) They bent a towel rod5) They dented the stove vent hood (needs to be replaced)6) They stained the butcher block and it cannot be repaired.

Underestimating repair costs, ignoring property taxes & insurance, and trusting bad property managers.

Without being able to see the properties on the inside, it would be difficult to judge if repairs were needed.

Hi @Philip M.My stack is,Payments / repairs: apartments.comManaging expenses: Stessa.comI used avail with a client of mine and it seems that is good option, but screening was not very experience.

Buy a few things on credit that you would just usually pay cash for.I personally would not rush into a Heloc or such.

A competent property manager can use their connections to get the property rented and repairs taken care of. 

I also have a personal relationship with my contractor so got a massive price break. 

Do you have cash to make repairs?