Important things to check include opening and closing every cabinet, looking under sinks, pushing on doors and cabinets, and checking commonly used areas.

You are going to pay much more for any type of work done (not including all the headaches associated with it) so in my opinion it's better to buy something that's already turnkey. 

. - The FHA 203(k) loan is a great way to buy a MFR as it allows repairs to be included in the purchase mortgage.

It also makes it harder for other operators down the road--- not your main concern but we all impact each other.What about you and your wife live in the garage unit, and rent out the house for a lot more, at least until all this permitting is figured out.

You only need to get around 4-5% when you include leverage to equal those returns you cited and then factor in tax advantages and you are exceeding those returns. 

Look for properties on main corridors or sites with existing structures (e.g., small houses or retail buildings) that can be torn down and redeveloped.Challenges in South Florida: Be mindful of market conditions and local regulations.

These can be further broken down into lender closing costs and third party closing costs.Thelender closing costs can include underwriting fee, processing fee, funding fee, origination fee, credit report fee, and tax service fee among others.

Any LTR operator knows that a lease offers some legal protections to the lessor, and this includes financial obligations on the lessee.

@John UnderwoodEDIT: I meant mainly the consumables and pest control.

I've included an example below to help illustrate this.So different lenders have different rates (which do vary even for DSCR loans) but these are factors they all consider.See example below:DSCR < 1Principal + Interest = $1,700Taxes = $350, Insurance = $100, Association Dues = $50Total PITIA = $2200Rent = $2000DSCR = Rent/PITIA = 2000/2200 = 0.91Since the DSCR is 0.91, we know the expenses are greater than the income of the property.DSCR >1Principal + Interest = $1,500Taxes = $250, Insurance = $100, Association Dues = $25Total PITIA = $1875 Rent = $2300DSCR = Rent/PITIA = 2300/1875 = 1.23If a purchase, you also generally need reserves / savings to show you have 3-6 month payments of PITIA (principal / interest (mortgage payment), property taxes and insurance and HOA (if applicable).