Fortunately the rules have been "modernized," which is kind of a rich NLP technique if you ask me. 

. Install or repair 2 doorbells. Install or repair 2 exterior lights.Materials Included Cement/hardy board, drywall material. Granite slab for countertop and bar. Kitchen sink (D shape). Setting materials (thinset, grout, drywall tape, red guard, etc.). Baseboards, door, and balcony trim. Plumbing materials (excluding fixtures). Fastener screws.Total labor cost: $13,000

Personally, I wouldn't open up a home that isn't in good repair, from a liability standpoint if nothing else.

Since you're wrapping up paperwork, make sure your lease terms are solid, get the right insurance (landlord + homeowner), and set aside some cash for future repairs.

Not accounting for repairs etc.

They didn’t explain to me upfront that they wouldn’t take that into consideration, that every deal had to be ran through, what they thought was a fair market repair cost.

After repair value: 7.

The required POS inspections become one added layer to closing a deal, but as you’ve seen, some properties come with completed POS, while others require repair escrows that can add up to around 10-20k. 

Obviously when things break and we need to manage contractors or go over personally to do repairs that time goes up significantly. 

Hey Zahra,Have a lot of clients working down there and you are correct, it has become a great place for investors.Biggest differentiator that I have seen has been on appraisals after the repair.