https://www.biggerpockets.com/calculators/shared/4... 12th Street Project Costs updated 3/9/17               Structure and Site Price each qty Total         The Pines traditions HVAC 190,401 9 1,713,609 Painting (not quoted) 10,000 9 90,000 Land 33,333 9 299,997     0 Site Development (Crestline) 30,000 9 270,000 Retaining wall in back 7,000 9 63,000 ($35-40/sq ft. face)   0 Landscaping 5,000 9 45,000 Sidewalk 20 570 11,400 Driveway $4/ sq ft 12x40 1,920 18 34,560                 Building fees and SDC charges           Building Permit city 105 9 945 Building Codes permit fee 2,553 9 22,977 Chenowith Water SDC 4,760 18 85,680 Plumbing inspection 383 9 3,447 Electrical Inspection 168 9 1,512 Mechanicical Inspection 95 9 855 PUD connection fee 300 18 5,400 Sewer connection fee 1,789 18 32,202 Storm water connection fee 342 9 3,078 Transportation fee 1,500 18 27,000 Parks & Rec fee 1,552 18 27,936 School ($1.23 x finished sq ft.) 1.23 21816 26,834         TOTAL $2,765,432         Cost per door   /18 $153,635.09 Cost per building   /9 $307,270.19                         Other possilbe costs       Loan Origination fees 1% of loan $2,765,432 0.01 $27,654.32 Appraisal 800 9 $7,200.00 Title fees 950 9 $8,550.00           estimated closing fees $43,404.32

She has retained a lawyer to try and work with the bank up until now has not been cooperative. 

I would like to learn your opinions whether or not to retain the two current tenants who wish to stay.

If there's a big difference between your purchase price and FMV the additional costs incurred by doing this are more than worth it, but if there isn't a big difference it could be a wash or cost you more than retaining ownership.You need to look at you numbers to see if it's worth it to go through all that.

Cross I's and Dot your t's with the notice (make sure you spell out the address and all premises included; list all tenants; give the specific date of surrender).In most states you would file an eviction for unlawful retainer of premises (or something to that effect).

I have a lawyer on retainer.

Mold in basement, exterior wooden staircase needs replaced (1-2k), retaining wall needs replaced(2-3K).

If it looks like someone you'd like to retain, schedule a follow up the next week to do some paperwork; let them know about your policies and expectations. 

Which amounts to $4,260 This leaves you with an average NOI of $4,740 Not a bad investment if the rents and expenses are correct but nowhere near $15,000 NOI.Also note that I am skeptical that you could retain that much rental income every month at a price point that low.

We tried to do a more complicated lease, but it turned into lawyers asking for 2500 dollar retainers.