On June 28, a second notice to abate public nuisance and an order to show cause was issued, requiring the seller to appear before a hearing officer on July 16, 2024.On July 16, when no one showed up, another notice was issued for timely abatement of the nuisance, giving 30 days, until August 15, to repair the heat, fix the plumbing, obtain a fire rehab permit, and receive a final inspection.The property was listed for sale on June 10, 2024, nine days after the seller received the first notice.

When you meet with the contractors, make sure to have them help you understand what you have, what will be required to repair and maintain what you have, and what you should be budgeting for future capital improvements, if needed.As we go through DD, we are also putting together the strategy for the park, performing our rent survey, running our test marketing to understand the demand in the market, and creating the budget for the project.All the best,Jack

They can give you a better feel for the neighborhoods, property conditions, and any particular quirks of the market.About properties sitting on the market for 30-60+ days, it could be due to market conditions, pricing, or the need for repairs.

Physical property inspection, on the other hand, includes checking out the property's state, walking through each unit, and figuring out what repairs or renovations need to be done.It's smart to get professional help to make sure that the assessments you make during due research are correct.

Put aside a healthy allowance for vacancy on the other side and repairs on both. 

Frankly, even local: the last 3 properties I bought were all in close to move-in-ready condition, because currently, I can't get enough discount on a property in a desirable area to pay for the necessary repairs and upgrades.The radical solution: move to Cincinnati, even the playing field and become a local investor.

Rentals create cash flow, and that's what we want as real estate investors, but you need cash on hand for unforeseen circumstances.The AC needs to be replaced, that's $7K to $10K or more depending on the size of the house and if you have one rental, it will eat all your cash flow, same to replace a roof, etc, or if tenant trash the home, you need money to fix it again.To me personally a nice rental portfolio that is healthy consists about 10 units, so if you have an issue with a house the portfolio can cover the repairs and still healthy, but when starting you need to have cash on hand just in caseYes, there are multiple strategies you can use to hack your way to buy your first rental with minimum cash, but I would start wholesaling or fix and flip a few deals to create that cash as fast as possible

I wanted to start off with working on a property with only minor repairs and cosmetics.

I have partner 50/50 with new flippers, but they put half the money into acquiring the house and repairs, and I pay the other half but I use my crew to do the flip. the other person needs to have skin in the property otherwise, I just pay them a wholesaling fee.I recommend starting by using a hard money lender, as they will take risks when someone is new, and they won't lend you the money unless they feel confident the deal is good. so you are confident you can be successful.you may pay some hight interest rates, and points, but at least you know you may make money at the end 

After factoring in the repairs and the operating costs it would be difficult to break even right now.