Quote from @Jessica Cook: okay , thank you for your advice .I currently have the property under contract so as of right now  I should try my best to make it as good of a time as ever . 

We talking rough area or working class? 

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.

Much like a mailed check/money order is "paid" when it is post marked as it isn't the tenant fault if 1st class mail takes 3 weeks (which actually happens sometimes!).

As world economics and geo politics have become more of a constant, this Teak investment will serve for diversification in asset class, maturity- since you don't have to harvest, currency arbitrage since main customers are China/India/Europe. 

You should teach a class on "How to Lease a Property". 

What is the class of tenant?

In the very beginning of the flip I would buy everyone food at lunch, I would cook on the grill for the crew and buy beers.

Start with B-/C+ properties for Cash-flow so you can buy the class A and B properties for apprecation.

Its up to you if you are open to advice. i have currently managed section 8 and every other asset class.