After just one year, when that tenant vacated, FPM charged an additional $2,800 in turnover costs, with $770 earmarked just for touching up paint on a single wall—borderline comical.

Additionally, consider seasonal trends, as demand often peaks in summer.

Additionally, with $50K in equity, consider leveraging it for future deals.

I wanted to help them out and minimize their loss and saw an opportunity to get a property slightly below market because of my commission savings, immediate mortgage and maintenance relief, in addition to keeping a lower short term interest rate How did you find this deal and how did you negotiate it?

Instead of losing 55k they will probably only end up losing $25,000 - $30,000Long term its not a great cash flow property but with some renovations and addition of a parking slab I think long term appreciation is the big goal here.

In addition to that, the septic tank is undersized for the size of the home.

•This additional income can help offset costs and increase your total reported income for future pre-approvals.5.

Most would think it starts from the time you receive your certificate of occupancy, but that is not the case for conventional loans. 

It'd be nice if I could receive help or tips from anyone (new or experienced).

Bringing in a partner, second mortgages, line of credit are sources of additional funding to close.