Make sure when the new hardware is installed adjustments are made if needed and repair any damage to door jamb. 

If property values appreciate well, you might be sitting on a property that's worth a great deal more than todays ARV, especially if you can complete some of the repairs while your grandmother still lives there.

Or enter "for repairs" and take photographs of expensive new stuff for court...but they may be paying down credit cards.

Budge for unexpected repairs.

In a text book case you'd buy a property for half of its ARV (after repair value) and then spend 25% of ARV on rehab and generate 25% equity.

The real property investment can be repositioned if it proves disappointing in its original form; it can be refinanced or recapitalized if it has too much or too e pensive debt; inflation over time bales out many bad purchases, and finally the investors knowledge, experience and abilities can be leveraged to turn around a cash flow negative property.I’ll provide an exampleThree years ago we purchased a note from a bank secured by two auto repair facilities with a large amount of excess land.  

I am hopeful they will want to work with me to get things repaired and updated to validate appropriate rent increases.

Let’s break it down with the 70% rule to see if it’s investor-friendly:ARV: $190,000 (taking the middle of $180K-$200K)70% of ARV: $190,000 * 0.7 = $133,000Minus Estimated Repairs:Roof: $20,000AC: $4,000Additional repairs (general estimate for a property needing updates, say flooring, paint, minor plumbing): $10,000-$15,000Total Repairs: approx. $35,000Max Buy Price for Investor: $133,000 - $35,000 - $10,000 (wholesale fee) = $88,000Since you’re getting it for $91,000, you’re close, but to make it irresistible, consider negotiating the purchase price down a bit further.

Rental income and expenses, such as mortgage interest, property taxes, repairs, and depreciation, can be reported on Schedule E of your personal tax return, regardless of ownership structure. 

For example the first text on Goodin Development's web page says:"We build premium, market rate communities throughout Indiana and help busy professionals invest in real estate, without the hassle of having to analyze properties, manage tenants, or deal with any repairs."1) Where has Goodin Development built or are you building anything whatsoever?