Anyways, to make it short, I don't think I will be able to finish in those 5 months and according to my calculations to get this house in a decent condition I will need to spend another 35k ( cabinets, floors, appliances, doors, trims, light fixtures, driveway, siding, drywall, granite countertop) even after that and after seeing how the market is behaving I think I could sell this house for 420000 max, not the 460k I was told.

Expect them to behave like one.

This way, I get a really well behaved renter, and the NROC payment at the very least. 

Reassessing my RE Inv i realize that I mayn't be having a sound plan.

There is also the possibility that the condition is worse than you may be able to see from MLS photos, and the property is actually priced appropriately based on the extent of repairs needed.If it is at 60-90+ DOM they may be having trouble selling the property (possibly due to condition) and have lowered the price significantly to get it sold ASAP.

I always thought that a professional management company would be better at managing properties because they tend to be have a team of property managers, more organized and more committed to the property managing business.Naga

If you have picked up this property from a seller who has a loan and you took it subject to the existing mortgage then you will need to send the bank a form that allows you to speak to them on the sellers behave, get a POA for the insurance, or cancel that policy and get a new one.

The challenge may be having the bank place the asset in an LLC.

I feel even though I've owned a couple investment properties since 2006 I've just been piddle farting around (probably a midwest term) and haven't gotten as serious as I need to be.  Having

I will be having an inspection done soon with an inspector recommended by my realtor.