Hi all,I have been a resident for 4 years and there is a lot of work as far as paint, carpet etc. that needs done to get ready for a new tenant It was pretty much trash when I moved in and mentioned so on the checklist but nothing is really covered in the normal wear and tear.

Alternatively, lender might counter your offer with something higher than you proposed to cover their added expense.

The swamp coolers also need to be covered in the winter. 

The current owner's tenant screening criteria and yours may be vastly different.

Hi Joshua,I would like to invite you to the next BP event in Portland, more info here.On October 11th people will be meeting on the outside covered (and heated) patio at Fire on the Mountain at 3443 NE 57th Ave, Portland 97213 to discuss real estate topics and the booming Portland market.Hope to see you there!

@Tommy Sowell, I am agree with you, there is less work in condos as outside structure and roof covered by HOA.

That means you'll need to cover that obligation along with other debts in your qualifying ratios. 

Our goal is to get enough rental income to cover all of our expenses so that everything we earn from our day jobs is just money we can put towards living the life that we want to live. 

@Shannon K. if the ARV is sufficient enough to cover your renovation and CC, then the short answer is yes.

Unfortunately, my current employment will not cover the additional properties but with the tenants' rent I could pay for all said expenses.