I found one like this 10 years ago and found out that the foundation steel was never signed off so the contractor just stopped building rather than tear down and start over.Your first stop is to the county or city zoning / building department to check permits and code violations.

For some quick background, I haven't purchased and am in the process of creating a business plan.In my mind, I think that I would (this is assuming no major issues that an inspector missed):buy cheap, neutral colored paint.Buy cheap, but stainless steel appliances from a big box retailerNew shower head and potentially sink for the bathrooms.My hope is that for a 1,000 sqft unit, this would cost less than a thousand dollars.Is my hope a little too optimistic?

My major concern with the property is that there is bowing in the basement walls.The owner prior to the current owner reinforced the walls with steel beams.

@Ron Steele , I'm am considering this same option...

(This could include yard care, home cleaning service, laundry service, shopping service, transportation service, house sitting, pet care, etc.)Laundry Use Fee - charged at the machine by coin slot or card slot.Pool Use FeeGym Use FeePet Run/Pet Area Use FeeDock Use/Boat Ramp FeeDwelling Unit RentParking Space RentGarage RentStorage Room/Locker RentCommunity Room Rent (rent out space for special events)Boat Slip RentFurniture RentSports Equipment RentTransportation Equipment Rent

@Abraham Steele-Jones welcome to the site.Advertising.

Also, exterior door knobs are slowly being changed from bright brass to brushed nickel..because they weather better.We only put stainless steel appliances in one of our rental houses and our first tenant (who is still there) said she wishes they were white!

So even if he is 100 or 200 negative he is still having someone payoff his mortgage and within a year he could move to another and just keep doing this until he has filled up his 4 or 10 mortgage slots. 

Steel wool should be used as rodents will ingest and it then blocks there intestines and kills them.

Seller didn't have to list and have the property sit on the market for 60-90 or more days having to pay a mortgage plus rent every month. 3bed/2bath SFR/renovated in 2016/great condition/stainless steel appliances/2 car garage/6k sqf yardPurchase price: $130.5kDown: $5kClosing and repairs: $10k(total out of pocket $15k, took over $125.5k loan with 4.5% rate)PITI: $1347/month(No other expense as we're the bank)Dispo: sell on owner financing with CFD (deed stays with us until paid in full)Sell price: $161k (Owner financed at 7.9% on a 30yr amortized loan)Down Payment: $20k (12%)PITI: ~$1700/month(Buyer responsible for all expenses and benefits of homeownership)ROI:selling expenses: $9k (agent commission, MLS, legal)All out of pocket: $4k (20k from buyer - 15k buying costs - 9k selling costs = 4k left in the deal)Cash flow: ~$350/m ($1700 from buyer - $1347 PITI = 353/m profit)CoC: 105% ($4.2k annual net / 4k cash in the deal = 105%) What made you interested in investing in this type of deal?