Property was sitting on market and needed light updates (roof, flooring, paint) but was in a great area that allows STRs giving me multiple options when deciding on rental strategy How did you find this deal and how did you negotiate it?

You have the mortgage, taxes, insurance, maintenance, capital expenditures (roof, flooring, etc.), and also need to consider the cost of vacancies or bad tenants.I also recommend you charge market rate, for yourself and the tenant.

And if all houses have not been fully rehabbed (we do fulls on every buy), some expected number for capital expenses should be included in that (IE if you have 3 years left on your roof you need to be deducting $X from that figure, repeat ad nauseum for all major capex).

i don't recommend buying a random property in a random midwest state for $118K that looks great but actually needs a new furnace, a new roof and a new sewer line, and will crush you with capex and make you sad.hope that helps. 

Whether it is a single family home or a 4 plex, it is still one sewer line, one roof, one gardener bill, one tree trimming, etc. that cost the same no matter what.Best of luck!

Do you save three months of vacancy for each unit and $50,000 for the roof replacement?

Needs more cosmetic work than major rehab, and roof was recently replaced.

Learn how to properly assess and QC the excavation and foundation phase, framing, roofing, siding, windows, etc.

Additionally, Chase Ink Business Preferred offers competitive travel rewards and may pair well with their banking services.Bundled Solutions: If keeping everything under one roof is critical, you might explore Silicon Valley Bank or First Republic Bank, depending on your location.

wow never seen flat roof designs in that part of the country.