Consequently, the house could not be made ready for the new tenants and after a big scramble, we managed to save the new tenants but lost 3 weeks of rent. 

Also, make sure your accountant knows how to add the cost seg to your tax return.

Rate hikes the past year have made community banks much more expensive and we had to pivot to a credit union.Assumptions were pretty much non existent when rates were low, but a lot of investors are buying deals by assuming the exisitng debt in this part of the cycle.We evaluate a deal by Buy Right Manage Right and Finance Right.

But I think someone would be nuts to pay that because of the Reno costs?  

I personally don't like using a % of rents of maintenance cost, realistically speaking an older unit with lower rents will have higher maintenance cost than a newer/nicer unit with higher rents. 

I've managed to house hack my way to owning a fully paid-off 2-bedroom, 1-bath, 900-square-foot home valued at approximately $67,500.

I know it will cost money, but the time they will save you, and they will get it done correctly.Good LuckGino

This guy will stay on and help me manage, and run the rentals as part of the final sale.

Just one example to get your juices flowing:Assume a house costs $200,000 and rents for $1,500.

I could also refinance before 2 years is up but closings costs for apartment buildings are expensive right?