;)I own a 98 year old craftsman on the bluff in the historic district of North Everett, and hope to invest in my own neighborhood to help preserve and restore the areas east of me.

To know exactly where the least good areas are, and where the good ones are, where the working class and middle class like to live, we are looking for homes that need renovation, preparing them for rent and renting, in order to restore the city's look and for better quality homes , we believe at WIN WIN situation , together is better !

If tenants want to paint the walls hot pink, they are informed that upon move out they will have to pay to have the walls restored to the original color. 

With older houses usually comes more expensive rehabs; especially if your goal is to restore the character of the house.  

Meaning.. some homes have been restored to original luster ($350k), others are caving in ($14k).. then there is my house-- renovated (not restored) so should hit somewhere in the $150k-$170k range... so comps were tough with wide swings in pricing. 

Hi, @Toby Rachel   I've been a fire restoration contractor for 6 years here in the LA area, estimating fire repair using Xactimate and then restoring the homes.  

Building Coverage – this mitigates and restores the building from covered losses and this coverage is required by lenders to secure loans.Building Coverage – i.e. fire, wind, water, vehicle impacts and other elements of structural damage.Loss of Rents/ Business Income Coverage– pays for loss of rental income when a building that is rented to others is damaged by a coveredloss.

I'm looking at purchasing a Fannie Mae REO during their first look period, yes this will be my primary residence,  this is also a historic registered home  in need of a well-deserved restoration  which will probably take eight months minimum,  absolutely no way anyone could move into the home in its current condition .Q:    Fannie Mae has a  document that needs to be signed by the buyer who will be residing in the home that they have to take possession of the house within 60 days of settlement, otherwise it is a $10,000 penalty to the new owner, Ouch!  

I would limit your deductions to unpaid rent, making necessary repairs to restore the property back to move in condition (patching holes in walls, cleaning stained carpets, etc (provide receipts for labor and materials),and cost to deep clean the unit.

They purchase them at a low price, restore them, then rent them.