Here's the numbers:Single family house in NE San Antonio. 1,456 square feet, 3 bed 2.5 bathPurchase price: $105,000Rehab; $20,000Hard money loan: $112,500Cash out of pocket (From HUD stmt):$12,500 (down payment)$2,250 (points)$385 (lender fees)$892.50 (title fees)$1,320 (insurance)-$2,001.34 (credit for unpaid taxes)Total: $15,346.16Actual rehab cost: $19,678.12Hold time until rehab and refinance complete: 98 daysInterest expense: $3,020.55Refinance loan terms: 30 year adjustable rate mortgage at 5.75% interest fixed for 5 years at 85% LTV and 1 point.Appraised value: $164,500Cash-out refi amount: $139,825Cash back in my pocket after lender fees, title fees, down payment, interest expense, insurance, etc are all accounted for: $5,389.50Now the place is rented for $1,200 a month and I figure I'll pocket about $200-$300 a month after expenses and mortgage payments and in the end, no money tied up in the deal!

When I walk through a place, I don't see how it looks but what it could look like based on the type of work I am capable of.I personally like homes from the 50s (good thick hardwood often hidden under a bad carpet) but avoid late 60s and 70s (popcorn ceiling = asbestos) and often cheaper construction grade.Overall, I found that flipping is a good way to turn your free time into equity/money and a great learning experience but it is hard work and definitely not for everyone.

We show in teams -- one is showing the apartment while the other is verifying ID, answering questions on the rental applications and collecting app fees.  

Do not include any late fees in the total as CA courts view those as liquidated damages and may reject a notice that states a higher than owed amount due.

While crunching the numbers, our current property would provide little if any cash flow if we did end up renting it out even if the property appreciated in value due to high HOA fees.  

First of all, it kills your gross income and secondly, it blows up your expenses with the eviction fees and getting it rent ready again. 

The listing agent is also saying that the seller already signed an agreement to pay 6% in commission fees no matter what.I was under the impression if I made an offer without a buyers agent it would essentially strengthen my offer by 3%.Anyone familiar with Washington state real estate law that would have an answer?

3) Management fees of $104 per year seem too low.  

The cons would be the fees, compliance, working for a brokerage, etc.

If you sale at $240,000, however, you would probably have around $45,000 after selling fees to invest elsewhere.