The community here can definitely help you navigate the waters.

Main level - enclosed porch, living room, dining room, bathroom, and kitchen2nd level - 3 bedrooms, bathroom,Attic - sitting area, un-permitted kitchen, 2 bedrooms, office, and un-permitted bathroom. and lots of storage (I will take out the kitchen and bathroom and cap everything so it is compliant)basement - new gas boiler, and water heater, unfinished but +9' ceiling height.

You should add in water cost.

If water isn't separate (and rarely is around here) you will always be paying that.

Hot Water baseboard or Electric?

For this area, there are some with moderate condo fees ($50-$200/month) that cover garbage, water, landscaping, pool/tennis courts (if there is one).

It looks like the envelopes you get from the power company or the water company to send in your payment.

Windows and doors do not get fixed or replaced, they get boarded up to secure the property.If there is any damage to the pipes all we ask for them to do is cap the lines so it won't leak if the water is turned on.Just imagine how many HUD keys are out there.

Debt expense is roughly $2400 / month Annual Tax: $10,500 Insurance: $3,500 Heating expense (Nat Gas): roughly $4850 / year (One boiler for entire building & two water heaters) Estimate expenses at 5% of Gross Income Annual Rent Roll: 70k ACQUISITION COSTS: Lawyer: 1k Appraisal & Environmental: $2300 Tank Sweep, LLC Set up, Survey, Misc: $1500 Title Fees & Bank Attorney: $5K Bank Origination Fee, Gov Record Fees: $3k The property did come with one unit vacant which I filled this month.

But when your end buyer moves into that house and 6 months later they move out with $5000 worth of damage to that house, who will the original owner be mad with?