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.

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.

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

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?

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

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 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.