He was fresh out of college and nervous about his first investment in Omaha, of all places (my home base).

We don't even let the tenants fill nail holes or touch-up paint, as they usually screw it up, so we let a lot of little things go as normal wear and tear and just have it addressed between tenants.

Most of the time they are young 20s and fresh out of college and never owned a pierce of real estate.

Grocapitus is a breath of fresh air.

but say in year 2 your tenant moves out and it needs new appliances and new paint. 

Took soffits down (whoever invented soffits should be shot if not dead), new flooring, new paint, new roof (thanks hailstorm), refinished the deck.

At this time in the project, is it possible to take out a loan against the property in order to buy a great investment which would be a patch-n-paint and could become an awesome rental?

Here are the numbers:Purchase price: 300k @5.5% (might be able to negotiate new exterior paint job credit)Monthly costs: mortgage- 1703 tax-245 (2933/yr) insurance- 167Market rents are 1600$ easy for both sides as is but currently being rented at 1410 and 1325 tenets pay all utilities (separately metered)Planning on putting aside 20% of rents for Maint, vacancy, capex and will be self managing property.

When you take all five together they should paint a picture, but I also mentioned your gut is important (not your emotions).

If local deals aren’t working, try out-of-state markets or connect with local investors for fresh ideas.