I would say very honest PMs who walked my Indy properties (after the I closed on the homes) or at least knew that neighborhood and an honest construction management company were very helpful - they all said I better add in a lot more reserves to the repairs and cap ex for old Class C.

So let's say the purchase price is indeed $252k.20% down, 30 year fixed rate loan at 7.5%Monthly payment would be $1,410Property Taxes would be at least $2000/yr given that it is not homesteaded - so at least 165/monthInsurance will be around 80 to 100/month - we'll say 80/monthSo we are now at 1655/month before vacancy and capital expenses.You quote renting to a Section 8 tenant - I'd add $2400 in cap ex per year then. 

My rural property was bank owner, but since the PO was married when he signed the deed in lieu they needed to go back and get his ex-wife to sign off. 

Ex (random numbers pulled out of thin air)$100k purchase $160k ARV$30k reno but $20k at cost$15k holding costsTotal Cost:$145k cost or $135k with contractorWith the contractor at cost, I have an extra $10k of margin where I don't lose money, but obviously not ideal for the contractor since they would make less.I think a good way to price it would be the equity would equal your profit if you did a fee construction at slightly below the projected ARV, and slightly below the projected hold time.

(ex: if investing in FL, its strongly encouraged to consider getting/having flood insurance.

Also he stole all the belongings of his ex girlfriend etc.

In the meantime, they will apply for credit, apartments, and utilities through someone else's name.In regards to garnishing wages, unless the tenant works in a higher-paying field or for a certain company that pays more than other similar companies (doubtful), the ex-tenant is just going to leave their job and get another one, and you need to restart the process (after you find out where they are now working).

I could lower the price, but need to make $4200 to break even after 8% vacancy, maintenance 5%,  5% cap ex, monthly utilities, etc.

Some markets have an easier time absorbing the types of cap ex you appear to need compared to others. 3.

That, coupled with a growing ex-pat presence, makes smaller coastal and mountain towns seem like a great place to buy land.