The nicest turnkey property I ever bought, that was the only turnkey in history that I've seen literally with only two small items found in the inspection (I mean, we're talking outlet cover level items here), I bought from the biggest turnkey jerk on the planet.

As you can see the list of items that might need maintenance can be endless! 

., Mtce - $8k   - Vacancy 10% - $4kAnnual Cash Flow             +$22kBased on my numbers, it passes the 2% rule, but please let me know if I've missed a glaring costly item.  

To do this, you need to be able to ascertain a two key items:1. 

It's fine if you can't budget for these items yourself. 

The property is returned in a clean, neat, and orderly condition, that there is nodamage, no missing items, all appliances are in working condition, and theproperty is “rent-ready”, including fresh paint, clean carpets, etc.e.

It's best to hash out the exact terms (i.e. interest rate, term of loan, total loan, purchase price) prior to engaging the attorney to draw these items up, but you can also pay the attorney on an hourly fee to help negotiate and explain all of these terms to the both of you.

This motivated seller has a wife and two kids and trying to stay above water in their finances resulting in living with their parents so I feel troubled to request to add this item in the contract. 

I was thinking about replacing the vanity's, faucets, vinyl floor in kitchen/bathrooms and possible the toilets as these items were old when I bought. 

The numbers by themselves look good, but this says nothing of the neighborhood, the quality of the tenants, the items on the property that still need to get fixed sometime in the future, etc.