Going to a lender using the wrong terms will just paint you as being so green they may not want to deal with you, so study the basics, not guru stuff, before you begin.To be in buy and hold positions you'll need reserves besides the down payment, if your A/C breaks down you could lose your tenants if you don't get it repaired. :)

As far as repairs that needs to be done I have a General Contractor who can help me with that, all I can do is Gyp, Hang Drywall, Deck and Paint, all the other stuff is an altogether another beast for me.

Exterior: we use a 4 color paint system (Base-Trim-Accent-Door)2.

So, yesterday we sent for a secured credit card[ you borrow your own money] As soon as his back pay arrives we are going to get him a passbook savings loan [meaning once again he will be borrowing his own money.He has siblings and some of my grandkids who lay floors,paint houses, and do electrical work who would help us refurbish the house.

One bad item will not disqualify a tenant, but several will start to paint a picture.

Now it might be painting and moving furniture, but push for a job where you are going to learn the ins and outs of student housing.3.

I do have reserves to make big repairs, but I'd rather save those and look for a more sound investment.My first instinct was to fix it because of course I've been thinking about how to update already, but then I start having these feelings last night to walk away since now in addition to what was obviously to the eye and then found underneath it seems like there could be lead paint, asbestos, and other older home issues lurking, and I appreciate you confirming that feeling.

I almost launched an automotive paint business last year, but California's laws made it really difficult for me.

@Kevin Brown for clarification, you are saying including my cost for paint?

I would have cleaned up, landscaped, painted, and changed out a little carpet for $10k to list the house for $299,000.