Your budget should be enough for the down payment, inspections, closing costs, reserves, rehab (even if it’s going to be years in the future), enough to cover costs when you don't have a tenant (potentially for MONTHS), etc.

I do continue to set aside a little bit each month after the 5K in reserves for proactive inspections and updates/repairs.

The property I'm looking at has been on the market 1 day and going to the property tomorrow to inspect.

There are a lot of resources available that will help you overcome any of the areas investing (math, lending, inspections. etc.) that are troubling for you.Best of luck in all your investing.John

I did some light research and I know there is an inspection you need to pass.

Right away....anyone can do....owner/buyer sign a deed, file it at the courthouse and away you go.Could be more complicated than that and take more time...for example if you want a new survey, title insurance, financing, inspections and more.But really as simple as the first line. 

Jesse James Perkins - Realtor w/ Vision Real EstateJoette Trinh - Attorney w/ Trinh LawJustin Sloan - Insurance w/ BSP InsuranceDaniel Rosenfeld - Lender w/ Leader BankJohn Fitzgerald - Inspector w/ Silver Mine Home Inspections

However, after inspection and my contractor's quote, the total rehab cost will be about $50k.

Did a deep dive of multiple scenarios for Oleatha and know the key is raising rents to $700/unit664/3/20219:20 AM9:35 AMSubmitted bid requests and called two tree services to inspect the large tree in back of Oleatha for health.

Seller is willing to do seller financing on one of the properties, but his concerns are:1) Not losing money compared to an outright sale and dumping funds into stock market2) FHA inspecting his unpermited 5th unit.