It would be new furniture and updated appliances, but still need to think of capital expenses.Basic Supplies (tp/shampoo/paper towels) - $200 per monthCleaning - $250?

Your cash flow will look great on paper, but sooner or later the house will need a new everything, which is usually 50k-70k. 

Even to Grade A RE paper there is a 2 to 3% default rate nationwide always has been..

The building is a 3-story, old paper mill.

Ray you can still lend in CA you simply need a RE Broker to run the paper work for you so the state Is happy and they will usually want some sort of fee for their time and risk / effort.

Sure, but that judgment is nothing but a piece of paper.

I say hey, I have a buyer who is interested in the property, but at a significantly lower price.....can you check with your seller to see if it is even worth of time to putting that offer on paper. 95% of the time the answer is No.

A paper list of work they would do to the property with price next to each work that is being done.

Was it on yellow paper with red ink?

The master would pay for the business items like - car, office, paper, etc.