A good company can do a market analysis to see what is the rental rates are for that particular area, do evaluation to see what repairs are needed, take the right pictures for marketing, have multiple ways of posting your property and finally getting the right tenants so you have a piece of mind.

The Only other deductions that I have right now are $154 for unpaid water bill, and $45 for the minor repairs mentioned (doorbell, blinds, shower).Questions for the group:Does $540 seem excessive for a cleaning charge, given the situation?

Lowering your standards invites expensive evictions and repairs. 

(you gotta get the wife on board first😁)I probably won’t do an OOS BRRRR yet but maybe something that the repairs are not as extensive if I can find a deal with working numbers.Tanks for the response. 

However, the biggest con is that you are sacrificing a bit of your privacy by living right by your tenants and it is usually a lot more stressful since everything is your responsibility - managing tenant issues, handyman repairs, taking care of the lawn, etc.I would strongly recommend house hacking especially in the Columbus Ohio market!

Do you offer 80% LTV on the full appraised value or is it limited to purchase price + repairs completed? 

Hey @Brad Roche - We do a significant amount of renovation loans (both Fannie May & FHA) here in Chicago and prefer the Homestyle loan only because it's less stringent on the borrow about what they have to repair, and they provide the general contractor a material draw at closing which helps the project start on the right foot.I thought the minimum down payment was 5%.

Be conservative with your numbers – When using a cash-on-cash calculator, I recommend budgeting at least 10% for maintenance and repairs instead of 5%.

Since the repairs were two owners ago, I would think the town may be a little more lenient with you.With the new kitchen and bathroom, were they existing and just got renovated or were they added on?

Repair costs in first 1 month of owning (this is renovated house done by seller, not me.