Then it gets even worse when you need a new roof, need to paint the building, make unexpected plumbing repairs for the water and drain pipes, install a new water heater, or replace a furnace.I looked at the most-beautiful 108-unit property in Klammath Falls Oregon about 18 years ago and the units were selling for half the price of the units in Los Angeles County, but the problem was the rents for a 1-bedroom unit was only %450 and the 2-bedroom units were only $550.

You’ll need to go through a title company but you got all the steps knocked out. Let

Unexpected things happen and you do not want to end up passing on or walking away from a good deal due to lack thereof. 

Ensure you have a small emergency fund to cover any unexpected expenses, then set a budget for yourself and put as much as you can away to the credit cards.In the meantime, you should start educating yourself on real estate and practice analyzing deals.

Nearby Attractions - for example there is a cluster with a Casino, Waterparks, Outlets and skiing all within about 15 minutes.Your price range will definitely work for the Poconos areas, just depends on what you're looking for.

Even seasoned flippers run into unexpected expenses.

I would suggest to keep looking because this property sounds like a nightmare with lots of unexpected costs that could pop up.

Luxury Yacht (with decent expendable income) who owns a 3 year old SFH he rents out at market rate in a class B area to stable renters may make a different decision on what to do with monthly cash inflow than Just starting out on a shoestring and a prayer blue coller worker who owns a 70 year old class C that is overdue for a rehab.That is based on personal ability to meet costs when they come due and the probability that costs will come due.That being said, it's always intelligent to budget for CAPEX using real life numbers vs IRS or guesstimate numbers.You also need money for turns, which includes carrying costs when unoccupied and etc...As well as unexpected costs, such as roof damage, or early appliance failure--such as a refrigerator.Good Luck!

@Sam Wilson -  A very unexpected perk that I've found to work is that we don't require vaccinations.   

How long did the rehab take and what were some of the "unexpected" issues that you faced?