Even with no money down you still need tens of thousands of dollars to properly do legal on this transaction and due diligence fees.Even without a loan the site inspection, phase one, and survey will be about 7,000 or so.Then you have attorneys fees and title work etc.

Do you perform tenant surveys?

If this isn't a condo, I would also get a boundary survey, you don't want your title work to include survey exceptions.

Now we are just waiting on getting a survey done next week to give to the contractor so he can get a permit.    

I sat down with the owner of the property, and he gave me a survey that he had conducted on the property.

Once the unit has passed inspection then a survey is conducted to ensure you are requesting reasonable rent.

:)& $785 for closing (I'm assuming that was for the purchase price) all in is just not possible. you have (on the sell) attorney costs, survey costs, title insurance, county/state/local taxes, etc. and, at that price range, I can pretty much guarantee the buyer will ask for a closing cost credit (1-3% of the purchase price).that's another reason you should try to set a new comp...to make up for the closing cost credit.

So, for example, where I am, I would get a credit for 6 months of property taxes at whatever the current rate is, and that comes off of my total funds due.Closing costs are going to be your finance costs (if any), title work, deed registration, surveying, legal fees, etc.  

(I recently had a buyer back out because they found out that sheds were not allowed per HOA CCR's)If you reserved the right to have a survey conducted, you may be able to terminate the contract if something shows up on the survey that is not acceptable to the buyer (a drainage or utility easement that was unknown, a fence that is over the property line, etc.)Deals can fall apart over financing, as well.

The local partner takes care of contractors, ensuring rehabs stay on plan, surveying of properties, keeping records, etc... - The distance partner takes care of speaking with sellers/buyers, finding tenets, screening tenets, creation of leases & other contracts, finding financing, etc....