We are told that a property is abandoned technically when the power is off, water is off and there is nothing of "Perceived Value"  in the home.

The ex-wife has talked with the bank about doing a deed in lieu when the time comes, but i don't think that is allowed with deed in lieus because i think that only works as your primary residence as far as I understand and even if it did i think the amount would be taxed as income so she'd have an unexpected tax bill.The house is under water.  

I pay for and do small repairs, such as a leaky faucet or busted evaporative cooler pump, myself because I know the value of what I am getting and don't want my rent raised. 

I work full time outside of real estate, so for now I am just dipping my toes in to test out the waters.

This varies by state, purchase price and the individual wholesaler.The fact that it's listed can muddy up the waters some, but if it's a good deal then people will get creative.Good luck! 

This would bring my numbers as follows:Monthly Rent - 1500Principal and interest - 693Taxes - 1850 yr (154 month) estimating conservatively Insurance - 1200 yr (100 month) also an estimateCapex - 150 month Maintenance - 150 monthVacancy - 120 month (8%)No property management due the self managingTenants are responsible for all utilities (separate meters for electricity, gas and water.  

It is going to need a complete overhaul on the inside due to water damage from a recent flood.  

You pay your debts, you are not negligent, you keep the property in good condition, you have good lease agreements, give an equitable consideration to a tenant to hold you harmless and indemnify you, so that agreement holds water.

I want to live in one unit and rent two other.Asking - 249000All three units are rented.Monthly - 2200 ( for Two units, since I am going to live in the third unit)Taxes: $7,663> Insurance: $3,495> Oil: $2,600> Management fee at 6.5%: $2340> Sewer and Garbage: $1100> Lawn and Snow: $900> Water: $840> Cleaning: $400> Electric: $240> Rent License: $115> Vacancy: 2640> Total: $ 22333.00> Net Income is therefore 26400 - $22333 = $4067Am i missing anything?

Hello everyone,We looked at a property that needs some repairs (new water heater, washer/dryer, dishwasher, paint, flooring, kitchen counter-tops, cabinets).