Foreclosed condo's often have less major repair issues though, and cash can be a bigger king, in some cases.   

Minneapolis does require you hire Minneapolis licensed contractors that are expensive and can add 100's to 1000's to each repair bill for things like electrical, plumbing, heating, AC, siding, and roofs. 

$45,000 PURCHASE PRICEPurchase Closing Costs$2,300.00Estimated Repairs$55,000.00Total Project Cost$102,300.00After Repair Value$130,000.00AcquisitionDown Payment$0 ($37300 surplus)Loan Amount$82,300.00Loan Points/Fees$0.00Loan Interest Rate9.000%Monthly Interest$617.25Total Cash Needed At Purchase$20,000.00Thanks,George

For a BRRR you will need to have more cash because you cant mortgage repair expenses.

Since the property is very new, there are probably very few repairs or capital expenditures.

@Bradley Reecer I would first start by asking the HOA or management company if there are any pending assessments coming soon, What are the rental restrictions if any, what are the repair restrictions within the building or community?

Hi,Does anybody know a local appliance repair guy?

Repairs are an operating expense and can encompass around 10-15% of income, depending on age and condition of property.Gino

It can pay its own bills, even a management company, pay for its repairs, it’s mortgage, and still have money left over.

You pay the taxes, utilities, responsible fro repairs.