But at a $1.5M asking price, as long as you don't have to spend more than $300k in rehab (without raising rents), this is a slam dunk deal that should easily be financed  at 75% LTV by a "investment real estate-friendly" bank/credit union that is located fairly close to the properties.

@Luis Cerwin as others have stated, Nov - Jan is the worst time of year to have a vacancy.Majority of tenants live paycheck-to-paycheck, so all their income goes to Holiday spending starting with Halloween, then Thanksgiving, then xmas, then NYE.January is also historically the worst month for rent payments due to Holiday Hangover Spending.

If you spend the entire $300k restoring the property, then here is the end result:- deductible casualty loss of $50k- no current tax- the restored property has $0 basis and cannot be depreciated- when it is later sold, the entire sale price is taxableMechanics and reporting are tricky, and I would not recommend to DIY it, especially since my scenario is over-simplified, and your real scenario is likely to involve more gotchas.Thanks so much. 

Keep in mind most travelers are unwilling to spend more than $2400 with most around the $1600-1800 range.What I have found is that travel nurses often want to spend at little as possible so they can pocket the stipend. 

.- Many of them have no clue of the actual condition of their properties and a decent percentage want to then sell.2) We have owners we terminate, that don't want to spend a penny maintaining their properties.

And you're asking the cleaner to drive to the house, spending time, gas, and wear and tear on their car. 

This is day to day spending, rent collection, tax/utility payments etc. (1) account for all security deposits, (1) account for parachute fund, capex items etc.

That's why we require clients to spend a couple days with us in Milwaukee up front, so we can get on the same page and determine an asset quality.Hint: the hood looks much better on a spreadsheet than up close in person.

What should I expect to spend?

I would have been told by someone about index services (with correct hours) before spending $40 in postage to overnight something to Springfield.Hope my experience helps a fellow investor.