The house is near 100 years old and a prior owner did a good job covering up foundation problems, termite damage, to include electrical and plumbing problems. 

Or just keep it as long a its livable and I can get a rent cover the mortgage?

I require first and last month up front, so if they leave I've got the "last" month covered.

Something to keep in mind is that they'll still want you to have 20% of the total cost as part of your liquidity to make sure you cover cash to close, interest reserves, and initial rehab cost.

Also, I have been indoctrinated by BP to aim for "making your money going into the deal" so this being my first one am trying to cover all the bases.But I think really it's because of what the seller originally paid.

If I have an investor who will be covering the cost of the rehab, how do I run the numbers so it shows my costs on that with in the system and in the data it kicks back.

Here is what he said at a recent luncheon for the GHBAhttps://texasturnkeyproperties.com/clear-sailing-a...I think he covers threats to the economy and the media very well

There are renovation loans that allow you to finance improvements to the home into your loan, but anything you can remove from the home is considered personal property and not real estate (e.g. furniture, window coverings, appliances). 

They supposedly bought the house from a motivated seller and are selling it to motivated buyer, more or less breaking even (so it appreciated at least 6% to cover broker commission is my guess). 

Ideally you want to get to the point with your buy and hold operation where you have enough surplus cash flow coming in each month where you can cover a line of credit for your properties.