This wasn’t a required expense.Property Taxes - $926.88We put in the offer to pay the full years property taxes vs. split them at the time of the sale.

Does airbnb require you have a permit to list in SLC or are people just winging it without permits?

Deduct NEW property taxes after you buyDeduct home insurance costsDeduct maintenance percentage, typically 10%Deduct vacancy+tenant nonperformance percentage(we recommend 5% for Class A, 10% Class B, 20% Class C, good luck with Class D)Deduct whatever dollar/percentage of cashflow you wantNow, what you have left over is the amount for debt service.Enter it into a mortgage calculator, with current interest rate for an investment property, to determine your maximum mortgage amount.Divide the mortgage amount by either 75% or 80%, depending on the required down payment percentage - this is your tentative price to offer.If the property needs repairs, you'll want to deduct 110%-120% of the estimated repairs from this amount.Be sure to also research the ARV and make sure it's 10-20% higher than your tentative purchase price.As long as the ARV checks out, this is the purchase price to offer.It is probably significantly below the asking price.

That could be a good opportunity, but underwriting of a seller-financed fix-and-flip deal requires careful analysis.

Would you be better off selling and purchasing a less expensive property that would require less carry should it become vacant for some period of time?

BTW: most owners that have hired a PMC, don't want to speak with you, much less meet with you in person to hear a hyped-up sales pitch.Also, you want to do rental arbitrage - so, you will need to be properly licensed to manage properties you do not own as required by your state & local laws.- why would an owner want to do business with someone NOT properly licensed?

I wasn't aware of the law requiring a contract with an agent.

I am based in Virginia and licensing requirements here seem manageable.

Has anyone dealt with a similar situation and still was able to pass the housing code enforcement inspection (1 / 2 required inspections)?

., as Chris noted, the required documentation will be outlined in the LP Agreement you signed.