You want to make sure that your investor is buying the property and rehabbing it for 70% of it's after repaired value or LESS. 

The lease agreement didn't really specifically mentioned anything about winterizing, but it did say that we are responsible of any repair/maintenance in the house at the time of renting it.

I know a homeowner in an HOA where the HOA keeps forcing him to repair a little retaining wall that keeps getting hit by cars/trucks backing up into it due to being in a cul-de-sac.

@Dave Passey you're saying repairs and capex should be 10% each?

Hey Tyler,I did foundation repair for a number of years.

I also did put something in lease that if there’s a repair needed, we would pay the amount or the water and sewer bill during that time above the average bills for that tenant as we felt that was fair.

Josh Rogers How did you come up with $80k in repair costs?

We’ll make some other assumptions in order to keep this as close to an apples-to-apples comparison, too: You don’t have to invest a dime of your own moneyYou paid the same amount the REITs didVacancy Rate stays static at 15%You hire a property manager at 11%Repairs and maintenance are a very reasonable 7%Capex is about 8% since the homes are reasonably newYour mortgage rate on a 30-year fixed is 4.138% (more on why I picked that number in a bit)No PMI (no particular reason--I just like you)The numbers should look roughly like this:As you can see, you’re going to have to come up with a bit of cash each year, if you want to own them outright in 30 years. 

Thank you Thomas and mark as I just purchased my first property in Buffalo NY, I'm also looking for a good contractor.Exterior seems to be OK and no repair is required, but interior requires plenty of it :)Can anyone recommend on a good contractor in Buffalo NY?

I would also add as long as no major unexpected repairs come up in case the A.C. or hot water heater were to die.That should hold them short term.