You will have holding costs along the way with repairs, maintenance, taxes, etc.

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.

A lot of wholesalers lock it up at 75% - repairs and then try to move it at 80% - 85% - repairs.

Today it has doubled in value with only about $75,000 in repair money.

If you're planning an open house at a vacant listing, know that you've just let the general public know that it is just that - vacant.Better safe than evicting/repairing...

I position my inspections as 'planning for future repairs/improvements' which mitigates that whole 'he's here to get my security deposit' mindset.And, I would rather have the tenant with me than to have him later claim that something was broken during the inspection.  

What is your draw fee & benchmarks for the repairs portion of the borrowed money?

With my own portfolio I generally underwrite with 10% for repairs, 10% for cap ex, 5 percent for vacancy. 

A CPA can ensure proper filing of rental income on Schedule E and help identify tax-saving strategies, such as optimizing deductions for maintenance, repairs, and travel.

Hello @Yvonne Wang,The scope of work should include the following:- Basic info: Property address, client name, contractor's contact info, address, license#'s, signed general/operating agreement b/w contractor and client- Specification of repairs: Repair item, Quantity of items needed, total & per unit cost of items, taxes (if applicable), Completion hours, title of the person responsible for the repair item, written summary describing the work- Add'l info: Schedule of repairs, additional payment schedule details i.e. disbursement schedule, method of disbursement, deposits, holdback amounts, etc.The screenshot below highlights a couple of repair items.