Try to anticipate other potential avoidable situations with a follow up inspection to assess the Locksmith’s work and ask your tenant(s) if you can also use the time to assess for other issues such as unchanged HVAC filters, leaky pipes, working shutoff valves, working smoke detector batteries, properly working downspouts, clogged dryer vents, evidence of water damage from leaking roof, etc,etc,etc.

Quote from @Gregory Wilson: A few things there, Brendan.First, an LLC with you as a member and your (wife, son, pal, etc.) partner as a 1% member will file a Form 1065 which is about one tenth as likely to be audited by the IRS as a Form 1040 with a Schedule E rental activity (which I presume you will attempt to show is an active business).Second, you want an LLC because when your local Alabama handyman drives his girlfriend's uninsured truck into a van load of U of A medical school interns on I-22 when he goes  to get some shingles for your roof, on your business, you don't lose everything you have or ever will have to an uninsured claim. 

The one aspect I'd say where planning can really provide benefit however is with tax planning.  

Paint, Plumbing, Roof, Flooring, appliances.B- neighborhood.55,750 down payment + 20k in repairs.  75750 all in.Median rent for the neighborhood is 2k.532 cash flow.I already asked them to drop the price by 15k for us to remain in the deal. 

I would be beneficial to determine if they are other aspects of the property that make it a worthwhile investment (tax, appreciation etc). 

The Creative Investor Meetup is designed for beginning to advanced investors who would like additional strategies when constructing deals.All aspects of real estate investing will be covered including (but not limited to) - Wholesaling, Flipping, Buy and Hold and Commercial with an emphasis on Creative Financing.

It was nice because it had a new roof and some newer updates.

Properties built with steel beams, both roofs less than 10 years, all heating systems under 5 years etc. 

Until you have to do a major repair like a roof.  

“This needs a new roof, the plumbing is outdated, and look at these cracks in the foundation!”