I think it would be better just to stay on good terms and let him know you will contact him when you are ready to sell.

My electrician said that it just needed new breakers The property is liveable and rennovated apart from this.What is the cheapest % interest dscr/hardmoney/rennovation loan I could get?

From digging into real time market data and calcualting cash flow.. to literally driving for dollars, you want someone with an incredible network of pros who can unearth leads (probate attorneys, divorce attorneys, local fix and flip circles) that might connect you with a ready buyer or flud tenant.

It is a considerably good price considering the area, I'm just not sure on whether the rental income is worth paying for.Apart from about $10,000 it is fully rennovated and ready to be rented out within 2-3 months.Thanks for any advice!

@David LewisOK - so - if you're just doing Internet searches and are already ready to give up... you should put some more work in first. 

You will be sick, go crazy and not get it all done and your time will be wasted. 

Quote from @Amy Smith: Be careful you don't get in too deep.

When a tenant moves out, transfer the deposit back to Checking so it's ready to apply towards expenses or refund the Tenant.If you end up with excess funds in the Checking account, I recommend you transfer it to a third account designated explicitly for future investments.

Yes, 2 percent.Then again, we are heavy with staff so that stuff gets done for our owners.

Or the market get's better, the product we sell get's more scarce etc etc..