Other than that, it's a very landlord friendly state, rents are on the low side but price points are perfect for a new investor to get into versus say the west coast or sun belt.

Improvements are a cost basis not a value add.  

You purchased it with a HML, and are now rate/term refinancing the $1.5m (75% of $2m) hard money loan for better terms b/c you show six months of stabilized rent, the T-12 and rent roll with the monthly breakdown shows a clear trend towards where we are at now.Your hard money loan matures at the 2-year mark, but you weren't silly enough to call me at the 1 year and 11 month mark, so my partner lenders that have great terms, but move slower, are on the table.

Cost?

I live on Long Island, so investing out of state would be easier point of entry in terms of cost 

What I question is the cleaning cost bringing your cost to 30% of the rental income...?

I once went to a meetup, cost $10, the gentleman that spoke was a product of gurus and did well for himself.

Bottom line....nothing is "grandfathered in" usually, inspectors don't care about holding costs and there are very few cosmetic only rehabs that don't require some sort of inspection.

If I had to come up with the down payment, closing costs, etc. it would be tight, and I worry that I wouldn't have enough working capital.Thank you for your help!

Did anyone else had same issue and Is there a way to decrease this cost?