. $70k for a full gut renovation doesn't sound like much, depending on how many square feet the property is.Also, it might be worth finding another local investor in Lorain who understands the building court...you should be able to attend, tell them the story, and then find a creditable contractor to get this done or figure out what you could whole sell the property for so you can get out from under the stress.

Trust me, an extra couple of weeks of vacancy to find the right person is much cheaper in the long run than missed rent and eviction costs; and that doesn't even include the extra stress and anxiety from it. 

Setting up a team (cleaning crew, handymen) early on will help you balance your workload and minimize stress.

-> Stress-test rehab/vacancy/hold time.3) Your profit is made at purchase. 

If there's a hole, it may be a red flag.b) sensitivity analysis: I examine all the assumptions, and make sure I can live with the worst case scenarios.c) "Stall and see": if they are getting money over multiple years, and there is no penalty for investing later, I would usually wait so I get some real performance data, versus having to look at theoretical pro forma information.d) Recession stress test: I will not invest in anything, until I subject it to recession level stress and see if I can live with the result.

However, the lower payments give you flexibility in case a major life event stresses your finances and/or monthly cashflow. 

That's why I stress the importance of building a relationship first.

Sounds stressful.

@Jon Martin You are right , if you don t know how to market a property and get direct reservations you should not attempt to co-host or triple net lease a property.You fail to mention that leases on a property can be as long as 30 years.Long leases are a way to give both property owners and management companies favorable terMs.

Quote from @Henry T.: I just did a 2/1  900sf house.