Hi everyone,I am currently planned to close on a rental property in southern Indiana and will inherit a long term tenant.

Start with small steps, pick deals wisely, plan your spending, and always have a plan B.

This is basically a possible framework for my semi retirement.  5 year plan Assumptions-My own company is building everything (except electric) and cost savings can be opportunistic on overstocks, returns etc, but my cost assumptions don’t include any savings here.

I am not a burn-the-boats type of person, and I am more productive with a backup plan.

I spend over 150k to 230k in each full gutted property but I put that much in because 1.

Maybe you can convince everyone involved to convert to a community owned system, with a shared maintenance agreement, reserve funds,Just need to find the smoothest path forward to needed upgrades like an above ground cistern, pumps, backup generator, better filters, or whatever to make the system function 100% of the time$1500 is minimal, spend it if that's the way forward.

Unless your friend plans to pay if they truly owe.  

We lend at "the lesser of" cost vs As Completed Value, so we have you get your plans and specs together and then we give it to an appraiser that will appraise it "as completed".

Thanks James we plan to go with white or something that matches our theme and decor.  

Of course that not everything to it, but its the meat and potatoes of the plan. let's see the numbers