We understand that sometimes you may need a little more time; therefore, we give an additional _____ grace period each month for instances when you cannot pay by the 1st.If you do not pay your rent by the ____ of the month, this is what to expect:On the ___, $___ will be added to your total due.On the ___, you will be given Eviction Notice, at which time you have ____ days to pay your rent and late fees in full, or you will have to move.On the ___, an additional $5 will begin accruing each day until your rent is paid in full.By the ___, if we have still not received your rent payment and late fees, you will be evicted.What’s Going to Happen if You Are Late with RentIt gets expensive!

It is a 3BR, 2BA single family home with attached garage and full basement  with potential for at least 1 BR to be added downstairs. 

For instance, in a Class B type property/neighborhood, you will be adding diff. types of touches as compared to the ones found in Class C/D.

They can be added ten minutes after the loan closes.

As you recognize that "time is money", you need to be adding something to the conversation that adds value.

Here are the numbers:Asking Price:                   $375,000Gross Rental Income:     $3,000 pm/ $36,000 pyVacancy Loss (10%):      $300 pm/ $3,600 pyTotal Operating Income: $2,700 pm/ $32,400 py----Expenses: Insurance:   roughly $150 pm/ $1,800 pyTaxes:         roughly $650max pm/ $7,800 pyWater:         $80 pm/ $960 py(If I add the 5% each for repair and capital expenditures as suggested in The Book then that would be $300pm and $3,600 py less- vacancy for each unit is above)Total Operating Expenses: $880 pm/ $10,560 py% Operating Expenses to Income: 32.59%NOI: $1,820 pm/ $21,840 py(Should I also be adding an expense for $3000 per unit ($6000 per year for renting out the units since Realtors charge 1 month's rent?)

If there is an extra that needs to be added it will be easy to see if you don't do it you won't be able to sell or get top dollar.   

It would be added to the basis.I am guessing this "accountant" is not a CPA. 

Can work be added onto what is already there or does it need to be knocked down and started from scratch?

. $50,000 a year each) anything after that would be added to the investment portfolio and once we doubled my initial $300,000 investment we could re-evaluate and possibly split the portfolio at that point and go our separate ways, then I would keep flipping and use the other half of the profits that normally would go to him to put towards building a rental portfolio.