Purchase price is $38,500Rehab is $35,000Hard money loan points Insurance is $1600 for the yearElectric, gas, water bill was $1000+Property taxes- $2,600Arv $160,000Profit- TO be determined Lessons learned- priceless My first deal is about to be under my belt.

Success leaves clues, but so does incompetence.Ensure your wholesaler is direct to the seller - Refuse to deal with anyone who is not party to an actual, valid purchase agreement with the seller.

I dont think seeing pictures on FB is a valid screening tool

Heating is gas. 

He did provide me with the current rent roll, 1 year bank statements, water/sewer/gas/tax bills.Here are the numbers based on the bank statements for 1 year:Total income: $82816Total expenses: $75967The park isn’t making much profit but if the occupancy stays at its current rate or increases, it seems like a good deal to me.

Remember that you always have option to choose between actual expenses, but with prices of gas still low and mileage deduction still high @ $0.535 / mile mileage deduction will likely be more beneficial to you. 

He lets me know that he put in an additional sump pump on the other end of the basement, replaced the gas valves in the boiler and water heaters, is having the mold taken care of, and has fixed a few other odds and ends. 

I once called a guy to replace a gas line and he did a great job with a fair price.

The rent will top out at $700/moTotal Gross Rent $3,830/moHighlightsEach unit is separately metered for gas and electric (Tenants pay)Over $100,000 worth of work performed by Property Company representing the seller since 2016.

Since Allentown has a mixture of oil, gas and baseboards, the onus of heating is on the tenant.