I need to always trust but verify in everything I work with others on.BEFORE PHOTOS:SNIPPETS FROM MY CONTRACTOR QUOTES:POST-REHAB PHOTOS:ANALYSIS NUMBERS (ANNUAL):Down Payment: $23,700Closing Costs: $1,455.80Rehab Budget: $8,500TOTAL CASH INVESTED: $33,655Gross Income: $15,600Insurance: $811.32Property Taxes: $1254.50Vacancy @ 7.5%: $1,170CapEx/Repairs @ 5% total: $780Management Fee @ 10%: $1,560NET OPERATING INCOME: $10,024.18PURCHASE CAP RATE: 8.45%Debt Service: $6,638.76NET CASH FLOW: $3,385.42CASH ON CASH RETURN: 10.06%NET CASH FLOW (w/out mgmt fee): $4,945.42CASH ON CASH RETURN (w/out mgmt fee): 14.69%

After some assumptions (vacancy, expenses, capital reserves and debt service if you are not paying all cash) shows about 14k cashflow per month but only if you could get it at that 200Kish price. 

While considering what you're doing, consider that many lenders require the LLC that they do a loan in to have no other debt. 

@Robin DassyI went with a 15 year because I wanted debt pay down while the property was my primary residence.

Debt service looks like it will be about $43,800.

Debt service looks like it will be about $43,800.

The important thing for everyone participating in the deal should understand the importance of your involvement in the deal and that this would not happen without how you used your mind to make this happen.You should get most of the renal net of the positive cash flow after any debt is paid. 

She never shows up and the judge grants a default judgement in my favor.After the Trial:  As I am filing the Writ of Possession, at the clerk's office, she shows up.

He also suggests that it should be having positive cash flow after any debt payment on day 1 before you make an offer on it. 

Liability insurance would come into play if you ever take possession of a property, but that would likely be limited to that specific property unless you are doing significant volume.