You may have to do this several times for all the different tasks being done.The only labor cost not covered by this type of online inquiry is drive time from the businessto the property, to the store & back for supplies and then back to the business address.

That leaves $400 to cover taxes, maintenance, vacancies, etc.Now, let's pretend ALL your expenses come to $2,600 and you have $400 left over.

So it could take a decade to get to todays market rent. 2) it’s almost impossible if not impossible to non-renew a tenant, especially if you’re not an owner occupant. 3) As a seller, even if I could remove paying tenants I never would without a non-refundable payment from a potential buyer that covers all vacancies for 6 months if they fail to complete the purchase. 4) You MIGHT say as a buyer that’s worth it.

. - WRT income, at a minimum it has to cover all of your costs plus some for unforeseeable expenses.  

2) Are you pre-approved and have the down payment in your bank account?

And no partner bank was willing to finance based on projections and a turnaround story, even though we had an SBA pre-qual.In the end we made the case to the sellers that no buyer would be able to obtain financing and got them to agree to 85% LTV seller financing.Happy to answer more in-depth questions via DM. 

To cover all costs outside piti?  

Quote from @Sean Gallagher: If there is an existing lease, you must honor it.

As of right now we are establishing relationships with Brokers, had done some pre marketing for our investors to fund EMD and DD.

I didn’t have a pre-approval amount per se, I just knew that I didn’t have to worry about funding for anything under maybe half a million and my typical purchase and rehab was in the 150 to 250 range.