I know that I would run a risk of something not being covered if there was an accident but I think I would much rather take that risk than have my insurer send a notice to my lender pointing out that I transferred my policy to a landlord policy prior to one year passing.Unless I’m not seeing something, I don’t think there’s any way that my lender could find out that I am not the primary resident over such a short amount of time if my insurer doesn’t tip them off. 

Sharing here for your convenience:The formula posted above by Account Closed is widely used for determining your max offer: 65% (or 70% as shown on the example below) of ARV, minus repair costs, minus your assignment fee = your max offer.The After Repair Value (ARV) is the estimated full retail price of the property after it is repaired and in "tip top" condition and ready for sale, and you would need to plug that number into the formula above.For example, if you determine a property would retail for $100k, you could use that as your ARV.

Thursday, April 9, 6 p.m. at the Norwalk Inn and Conference Center join SoCT Real Estate Investment Association for a powerful evening with Charles Dobens.If you're starting your multifamily investing business learn how to: Evaluate DealsGrow your portfolioPitch DealsCreate Proof of Funds LetterFinancing TechniquesInsider tips from Multifamily Investing Academy pro, Attorney Charles DobensSincerely, Deirdre Virvo, The Southern Connecticut Real Estate Investment Association Founder/Director at [email protected] Telephone: 203-324-4680 Website: http://www.ctpropertynetwork.com

@Raymond B.Thank you for the tip.

From conversations with the contractors that used to frequent the store, I also have an idea of labor costs in the area.A special thanks for the tips on checking with neighbors, Craigslist and the local paper for rent prices.

There might be re-grading that has to be done on the exterior and digging out the outside and sealing as well as the inside.If the weeping system is broken or outdated it would need replacing.

Also - here's a couple articles you might enjoy:The 21 Best Real Estate Investing Books Ever How to Rent Your House: The Definitive Step by Step GuideHow to Be a Landlord: Ten Tips for SuccessSee you around!

@Steve BabiakThanks for the tips on debris and cleanup.  

Any tips?

@Drew MacDermott thanks for the tip about the fireplace!