That means paying all cash isn’t an option unless you plan to bring another $600k to the table. . 

And, it's amazing how many closing costs are junk fees that we as investors need to pushback on paying for ourselves and our clients.

If you pay the $250 and they say it's all perfectly glued and installed schedule 80 then you're going to have confidence without worry.

So either you pay for the repair out of the idle cash in your account, file an insurance claim and use those funds, or rollover/transfer funds from another retirement account to cover the cost. 

@Michelle Hardy Just adding, check your local city too for their requirements, many have specific requirements that the state may not have.Here in VT in the towns my properties are in, there is not a requirement to keep them separate or pay interest. 

Im thinking about paying the bank the 50lk that we owe and the taxes.

I pay $875 (including principal, interest, taxes, and insurance) and rent it out for $1,625.

I used $80k to pay off personal debts and $50k to remodel it by myself with my two hands.

It's pretty common practice to have something like that in a property management agreement, and if it falls under that limit they're going to pay it and not notify the owner except in regular monthly updates because it is below the threshold of what is an ordinary expense in the course of business.

Quote from @Sarp Ka: Quote from @Patrick Roberts: Am I understanding this correctly that youre expecting to get a $700k property for $500k because youre paying cash?