In this manual (which I assume could be modified to provide to tenants) I include all the financing information (which you would not include for tenants) bank accounts, mortgage accounts, payment information, and mortgage payoff), a list of the contractors, what each contractor does, a list of upcoming planned or necessary repairs, and a copy of all leases associated with the property.

Getting Fair deals on labor and repairs comes from developing win/win relationships with contractors.

Set aside reserves for unexpected repairs or vacancies.

In a text book case you'd buy a property for half of its ARV (after repair value) and then spend 25% of ARV on rehab and generate 25% equity.

Paying off the notes, working to pre-emptively make repairs to capex items before they fail or become a major issue think roof, HVAC, and foundation.

. - This will allow low down payment and the 203(k) allows repairs to be financed into the purchase mortgage.- The 203(k) will allow you to bid on properties that need repairs that won't qualify for a traditional mortgage => less competition => better purchase price.You will need to find a great local contractor you can trust to supply the required bids to qualify for the 203(k).- After closing, you can do some of the work yourself to save money, but the program doesn't allow you to pay yourself.You will want to buy a Class B property, maybe Class C+, in an area that seems to be improving.

If we rent the unit at $1,425, I have an estimated monthly cashflow of $302 (rent at $1450, cashflow is $325) I DO include vacancy, repairs, and cap exp in my Box2 Expenses.

.- It's not profitable for them to search for under-market priced houses, figure out repairs needed or what other problem is pushing the price down and do even more for a newbie investor that has analysis-paralysis and may never buy anything.Some questions you'll want to share the answers to with any agent you choose:1) Are you paying cash or getting a mortgage?

2) seems to me(not confirmed) that the GPs failed to vett out & manage the performance of these hired companies properly & promptly.

This isn't always the case, but in general, I've found Section 8 homes tend to require more frequent minor repairs.