Closing costs are roughly $3,900 and "reserves/prepaid costs" are roughly $1,500.

Here are the numbersPurchase price : $170,000DownPayment : 20% conv. loanMortgage: 30 YrsVacancy: 8% (will vary)Closing cost: $9,851 (closing + prepaid reserves + discount borrower paid)Rents: $1,600 ( most likely)Property Taxes: $5,100 AnnualInsurance : $900 (Annual)Maintanance $ Repairs : $ 2,000 (est. cost of repainting)$500 ( More like HOA dues/yr)I will greatly appreciate your valued opinions on whether its worth buying or what exit strategy to use. 

Keep in mind too, the taxes are part of the closing process in most loans that you are using and thus have to be prepaid for the following year. 

Hi folks,I was wondering if there is a standard approach to determining the prepaid property tax at closing. 

Right out of the gate, I'm crushing any other LO, Lender or Mortgage Broker as I'm $12,000 to 13,000 cheaper with the Realtor Rebate which can pay for my borrower's closing costs, be used to further reduce the negotiated sales price, used for debt reduction, used for Rate Buy Down, pre-paids, extend sales contracts, etc., etc. 

It is limited to; - The new loan amount can not be more than the actual documented amount of the borrower’s initial investment in purchasing the property, plus the financing of closing costs, prepaid fees, and points (subject to the maximum LTV).

But that all said my bank only allows 12 specs  right now we have 5 of those presold with solid deposits and pre paid upgrades . and 3 are all cash.. the 7 are at dig out /  framing and starting on finishes  So will see how it all goes. 

Prepaid rent is credited to the seller.

Here are the details of the transaction:Purchase Price: $31,000Estimated prepaid Items: $1,081.40Estimated Closing Costs: $1,916.62Total Costs: $33,998.02Other CreditsCash Deposit on Sales contract: $1,000.00Loan Amount: $27,900.00Cash from Borrower: $5,098.02So, I put down $1,000.00 earnest money, and they're saying I'll have to bring $5,098.02 to close.

With the delayed financing I was able to get a loan for $73.6K (includes rolling in closing costs, prepaids, etc.) with conventional financing @ 30 year, 4.5%.I will collect ~$3,800 in rent before my first payment.