- anyways my research indicates that the previous owner had an unpaid water bill of 15K that went unpaid and the city cut off the water, tenants bailed, and property went in to foreclosure.

Ask a real estate attorney for the state you are considering.But, here are some costs:Unpaid principalArrearslegal fees of the pre-foreclosurehome owner's insurancemoney to the seller for movingmoney to the real estate agent if one is involvedtitle insuranceescrowpre-paidsunpaid property taxesunpaid 2nd loan if it existsunpaid electric billsunpaid water billsunpaid gas billsunpaid mechanics liensunpaid fines for city violationsdeferred roof maintenancedeferred maintenance in generaldumpster to get rid of everything left behind

I found this on loop net as well as from cold calling!

@Christina Luton in my part of the country you wouldn't use tile on the "main" floors - too cold.

- Drain pool, cover pool- Run HVAC for 10 minutes, AC/Heat- Leave refrigerator slightly open- Run all water fixtures and flush toilets a few times- Drain and turn off water heater - Have gardener specifically look for rodents intrusion Any and all ideas on additional long-term storage welcome.

Repair Costs: $2500Down Payment: 25%Interest Rate: 6.1% - 30 Years LoanRent: $2350 (current)Water and Sewer: $150 monthlyGarbage: $100 monthlyInsurance: $200Other: $275 (this is my HELOC payment assumption)Vacancy: 5%R&M: 7%CAPEX: 7%PM Fee: 10%Annual Income Growth: 2%Annual PV Growth: 2%Annual exp.

There seems to be some water damage in one corner due to some water that was coming down from a gutter.

When utilities (maybe just water) gets turned on, city requires an inspection.

Theres water damage to the plywood.

The quality of tenant is the variable, most people that need section 8 are good people who just haven't quite figured out how to improve their situation in life, they just want a place to live and will generally behave if they have a solid, clean, safe place to live.Make sure you check local laws and rules around section 8 so that you don't get yourself in hot water, perhaps get in touch with the existing owner/property manager and see what there experience has been with section 8 and especially the current tenants.