So, they bought an OOS property (usually a freshly rehabbed A-grade house in a C or D area) because the house looked awesome in pictures, and the cashflow looked good on paper.

House hacking is the way I would start to buy a home to live in and then rent it out and start fresh after you have the reserves built up to do it again and rinse and repeat. 

If it's a latent defect that's uncovered during a thorough inspection and the buyer wouldn't have been able to determine it before that time, then I think those are reasonable requests - even if they are expensive. 

The $800 number isn't far off for 70K, but that's only with a fresh remodel. 

Turn key companies at least the one's I fund do not buy property back and do not sell for others .. they will buy back but they will want to make the same profit... so they need to add in another fresh make ready or rehab.. ( their clients expect it remember its turn key)  the  cost to borrow the money from someone like me or a HML..

For my freshly renovated units I am getting between $700-$750 in "okay" neighborhoods on the city side.

If not start with your own so the PM can start fresh and set expectations from the start.

Greetings all,I recently jump started my new career as an real estate investor and I am excited yet nervous. I've always been on the investor side of my life and never been afraid to "Let Money Go". Thats what I learn...

He has a kid fresh out of college with a degree in the stuff.

Comps within a 4 block radius (freshly rehabbed) have sold or are selling in the range of $300,000 - $340,000.