Luckily I've known them for a while and they're very trustworthy.I didn't plan to do much physical work on the deal that was frustrated with the situation and decided to rip out the kitchen cabinets myself which was quite fun.

I have both and if you use the card to make big purchases (for me its windows-kitchen cabinets+counter tops) they will likely offer you some sort of long term (6 months-2 years) interest free financing. 

Outdated cabinets will rent but not broken HVAC, Leaky roofs and old plumbing.

I'm looking for a team who can paint as well as fix issues like broken steps or cabinet doors.Has anyone in the forums that operates in the norfolk va area worked with someone who is reliable and can recommend someone?

Add in a resident base that tends to be a little harder on the property (doors, paint, cabinets, flooring, screens), the maintenance costs can quickly overrun that sexy rent ratio analyzed on day 1.When you say you are looking for a decent cap rate, what does that mean? 

I also am having another friend paint some rooms and cabinets for me, and i actually dont think these guys even have bank accounts one guy doesnt even have a car so its not really reasonable to pay him with a check nor have I ever really been the kind of person to write checks.

I would want to fix some walls (painted paneling that looks bad), put in washer/dryers, and reconfigure cabinets in 1 kitchen.

.** Purchase & Rehab **Purchase Price: $85,000After Repair Value: $110,000 (the tax assessment was even higher then this but hoping to refi and pull as much equity out as possible, unsure of how the city and bank assess the property and if it's different though, I need to look into it more)Purchase Costs: $2,550Rehab Costs: $2,200Down Payment: $17,000Total Cash Needed: $21,750** Financing **Loan Amount: $68,000Loan to Value (LTV): 80%Loan Term: 30 YearsInterest Rate: 3.75%Monthly Payment: $315** Cash Flow (Monthly) **Rent: $1,250   (possibly more this is on the low end for 3 bedrooms, and even lower for a stand alone house, but trying to be conservative in that the house is on a really small plot of land and has a cliff on 1 side)Vacancy: -$63 (5%)Expenses: -$339 (28.6%)NOI: $848Mortgage Payment: -$315Cash Flow: $533** Returns & Ratios **Cap Rate (Purchase Price): 12%Cap Rate (Market Value): 9.3%Cash on Cash Return: 29.4%Return on Equity: 14.2%Return on Investment: 105%Internal Rate of Return: 105%Rent to Value: 1.5%Gross Rent Multiplier: 5.7Debt Coverage Ratio: 2.7I had budgeted for 6k for renovations but realistically it probably only needs 2k, it's basically perfect the way it is right now just a tiny bit dated in that it has oak cabinets and wood grain molding.

Put water alarms or sensor shutoff valves in in high risk areas such as with hot water heaters, washers, fridges with water lines, dishwashers, and in cabinets under sinks.  3. install a DWIP type pan under dishwashers, washers, and hot water heaters so leaking water will run in a direction where it is more likely to be seen and not cause damage. 4.

Cleaning up cabinets with paint, painting all rooms, installing new appliances and that’s it.