After that it will require repairs, and a lot of it if big ticket item have been overlooked to begin with.

The price point at which you would be able to afford these properties means that average rent would be roughly 5-600 per unit, which attracts low quality tenants, and means that neglected repairs and capex items can quickly eat into any profits that you may think you are getting. 

Unless my net worth is $10,000,000+ and my income is $1,000,000+ per year, I just don't see myself buying any luxury items.

Instead of giving a 60 day notice or evicting I want to have my lawyer write up something myself and the tenant to sign off on that would state that on Jan 31st all items left at property would become mine to do whatever I want to do with it and the lease is terminated without eviction needed since tenant does not live at property whatsoever.

I got 2 small perrsonal checks from him at closing on a couple small items which gave me a bank account to go to the sheriff's office along with my writ of execution and they seized the money from his account as I timed it for a couple days after he collected his rent on a llc and moved it into his personal account. 

It means the end their last month of rental must be AT LEAST 30 days after the notice.Post back if you need clarification on a specific item.

. $750- Screws, adhesives and fasteners (cement board screws, caulk, etc) $50- Paint $40- Miscellaneous $100TOTAL: $2530With all of that said these numbers would be my BASE run, and assuming I was spending my budget amount on each item.

Items you should be asking yourself about this or any opportunity is:- Risk or Exposure - Exit strategy - Property specifics - Financing - ROI Evaluate worst-case scenario and determine if the property meets your needs or criteria.

Here are the one's you need to use to tell yourself which way to go:If you are holding the property, or flipping it, the basic formula is the same...what changes are the specific applications and items those numbers are applied to and come from.  

Generally, make sure you itemize so the former tenant knows what they are being charged for, and why they aren't getting their whole (or any) security deposit returned.As always, consult with an attorney if necessary.