Also might want to check into smaller community banks to see if they offer some in house construction type loans for owner occupants with less fees, etc. than your 203k loan.

Or an agency/PM company (usually their fees are a little higher).

Hi, Curious to know if the town will throw the book at me if a home is purchased without a CO? I'm working on a quick buy transaction in Roselle NJ. SFR with clear title.

These were my requirements when I last listed a place (almost 3 years ago):Rental requirements:Credit score of 650+Verified income of 3x the monthly rentPositive reference from previous landlordsClean criminal and rental historyMaximum occupancy: 5 peopleApplication fee: 40/adult applicant

I looked at it then he told me it was going to be foreclosed on in 3 days and I didn't want to go through the hassle of redemption and more legal fees. 

The background check I have doesn't include hidden personality traits that are hard to detect that can cause time and money to deal with.  

Cash-on-cash is your only metric here that may matter, and it's simply for comparing properties side-by-side and asking what the best use of your limited dollars is...Anyway,Your closing costs will be closer to 2% of the purchase price: $5,800 (unless the seller is covering this...if so, good job)Repair cost of $1,000 won't do anything...contractor fees will eat 50% of that...if you are renovating, you need to renovate to drive rents...$4k per unit will maybe do paint and carpet...a few fixtures. 

I would have fired long ago, but I signed a year contract with them and have a $1k early termination fee.

It basically amounts to paying an annual fee and having a set bond on file.

@Anthony Wick haters gonna hate.I use a one-year lease with termination fees.