The other thing I have learned over time is that the clearer your vision is, the easier it is to get there, so CLEARLY defining the location, type of property, purchase price, renovation amount, etc. etc., will really make a big difference.

Purchase price: $655,000 Cash invested: $40,000 Sale price: $770,000 Purchase and hold.

I have purchased many properties without a tenant in place.

We offer 10% down on the purchase price and fund 100% of the rehab.

The larger the purchase price the greater the spread you need between purchase price plus holding costs plus rehab cost and ARV.  40k projected profit on a 600k project is too skinny for me. 

This will provide insight into making informed decisions and accessing the benefits that these properties offer.

Zillow has a lot of valuable information, but keep in mind that it's algorythms don't work in every market. 

I would like any information available on Southern Impression Homes and SunCoast Property Management.

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.

I am looking into purchasing a STR in a different state and was wondering if you would be willing to give me some tips you learned along the way?