If there is considerable equity in the property, this situation can be quite profitable, by acquiring the seller's interest and subsequently foreclosing on the non-selling co-owner for his/her unpaid portion of the expenses.It works like this, do a title search to confirm who has how much interest in the house, and get a good inspection to see what maintenance is currently required. 

For us, they always stay and adjust to the new reality.30-DAY NOTICE OF RENT INCREASERCW 59.18.140  (reference to our state's landlord-tenant law, replace this with yours)Tenant: ____________________________________________Address: _____________________________________________Dear Tenant,As I’m sure you’re aware, during this past year rental rates have increased significantly in our area.We have personally experienced increased costs for taxes, utilities, maintenance and repairs.Therefore, we must increase rent for the dwelling you occupy.This notice is given on the date of:_______________________Effective date of change in rent:____________________New rent:____________________We value you as a tenant.  

Learn about vacancy, maintenance, turnover, etc and then practice doing the math on properties you find on MLS or Zillow.

Looking for a full time maintenance guy for 40 apartments.

You can't (legally) even change a light bulb for maintenance on the property owned by your IRA.

Of course, class C properties are a higher risk by nature but likely going to show more signs of deferred maintenance and therefore be greater candidates for an 'opportunistic' investment strategy.

Find one or two you like...and get in a routine of listening.

3/5/2019Sherelle – thanks for the post / questions and outline Fyi – there are some conventional loan programs that allow a 3% down payment ….I would recommend using this program versus a fha loan program if possible …this is because with a FHA loan the monthly mortgage insurance remains with the loan permanently and with a conventional loan – you should be able to eliminate the mortgage insurance in the future ……Also – if you use a FHA loan for the first home - using a FHA again for next property might be an issue …..you allude to this in your question #2Regarding cash flow analysis ….other items to factor in : utilities / property homeowners insurance ( this will be a little higher when you live in home and should decrease a bit once you convert it to a rental policy / are there any deferred maintenance issues on the house ( roof / furnace / water heater / foundation are the bigger tickets items to watch Definitely get pre approved so you know for certain what you can afford and also so you can begin becoming more familiar with the numbers …we can assist with this if you want - contact us Thanks and I hope this helps Dave Skow 

It sounds like you've done some nice stuff to make the house better for you, and you've taken care of some maintenance items (sump pump, water heater).

Being only $4400 into a deal that cash flows and with all of the deferred maintenance taken care of during the rehab is not a bad thing at all.