Thats a great way to profit of $177K in a year but she did know the contractors and the has an eye for those type of quick turn arounds.You will see multifamily 2-4 units a ton of duplex 2 units for under $250K again these are usually not turnkey fully renovated properties but they will pass an appraisal without being subject to any major repairs.

Quote from @Tomoko Hale: Quote from @Bruce Woodruff: My thoughts: If you are going to use a PM, hire out the cleaning and any maintenance/repairs, you will be giving away 30+% of your income.So you need numbers to put on your spreadsheet.....1) what are you estimating for your nightly/monthly imcome?

What about if the property requires repairs?

Shopping around for turnkey and property managemtn companies myself.

The previous owner started to repair it.Looks a little rough, but we’ll get her all fixed up.

I feel like the seller would wait and I could just buy it in cash since I do plan to refinance it anyway and pull out the equity once I’ve done some repairs/upgrades.

Immediate attention to tenant problems, concerns, and repairs. 5.

it does allow you to repair things outside of the home to a limit. 

Cute shops and a few slow paced casinos. 

(Property Meld for one)--- Owners often think a PMC can just enter a tenant's home to make repairs, but don't really understand the potential legal issues of entering when a tenant is not home.--- Owners don't understand the percentage of maintenance appointments tenants miss!