#1 Great work and kudos for utilizing your resources.

It's listed for 500K that comes with long term tenants that pay utilities.  

But, carrying the house for a year, plus utilities cost us almost 10K in out of pocket expense, then all the additional rental income missed over that year, which would be about 8K we really lost another $18k. 

Outside of those issues, the house seems pretty decent, is in an up and coming neighborhood and the rental income will cover monthly expenses (M/I, Taxes, HOA+Utilities) comfortably.

Outside of those issues, the house seems pretty decent, is in an up and coming neighborhood and the rental income will cover monthly expenses (M/I, Taxes, HOA+Utilities) comfortably.

I'm from Northern New Jersey and just getting started in my real estate career.  I just passed my state real estate exam and connected with a broker to get setup in the coming weeks.  I have a background in accounting...

Abstract fees (abstract of title fees).Charges for installing utility services.Legal fees (including title search and preparationof the sales contract and deed).Recording fees.Surveys.Transfer taxes.Owner's title insurance.Any amounts the seller owes that you agree to pay, such as back taxes or interest,recording or mortgage fees,charges for improvements or repairs,and sales commissions.Settlement costs do not include amounts placed in escrow for the future payment of items such as taxes and insurance.3) if there were other costs incurred to acquire the house such as if you spend money for tax advice, tickets to fly to look at the house( or milage)  and such also gets added to the basisGood luck

@Jack B. using the numbers that you recently posted (I'm assuming they are the property you are considering, not the sold comp), I would take the $4300 rent, subtract the $500/mo utilities, subtract $800/mo for reserves, ($600 is too low, in my opinion) and $600/mo. minimum cashflow, so I'm left with $2400/mo.

The costs of concrete, site work, utilities, permits, licensed tradespeople, heating systems, button-up, garages/decks, etc will blow you away.

I’ve done the small farming thing , I have some connections in the local food / small farming industry.