I wish I could give an accurate figure here for how much it needs in renovations but unfortunately I really don't know.

Scott The Book on Flipping Houses,The Book on Estimating ReHab Costshttp://www.biggerpockets.com/flippingbookLocate and attend 3 different local REIA club meetings great place to meet people gather resources and info.Consider checking out HUD homes for small multi's owner occupied gets first crack.Good LuckPaul

Even if he gave you accurate information, depending on your county and state, you will most likely be reassessed at sale or in the next year or two.

You must accurately assess the repairs.  

I probably should not have included the 22% decrease in rent price, since it's not accurate.

I am feeling my way around and gathering as much knowledge as I can.

It is a great place to gather information, knowledge, and networking.

What was said earlier was wrong, what is on the pdf is accurate.

Scott The Book on Flipping Houses,The Book on Estimating ReHab Costshttp://www.biggerpockets.com/flippingbookLocate and attend 3 different local REIA club meetings great place to meet people gather resources and info.

It looks like in GA there is no statute on maximum late fees but I bet there is case law (an attorney could research for you) where judges have determined which fees are reasonable and which are not.