As it stands your looking at cash on cash returns of just over 2% + equity capture, which is hard to justify when you can make more in an index fund on a section 8 property.

Now if the price charged is completely unreasonable then you'd have a case but if you ask someone to preform a repair on an item that is your responsibility then there should be an expectation of payment.

I was never audited by the IRS and filed the LLC returns with such expenses itemized.

FinancingReviewing Rental Property Financials - Most Common Items I've seencommercial and portfolio lenders use a different methodology to determine your qualification.

From that, you can calculate how much money the association has to set aside each year to have enough to replace those items when they do wear out."

After inspection, we found some minor items and a rather sizable repair issue that involved replacing some beams and rot (band board, beam, trim).

I didn't catch the cash deal item at the bottom of your initial post.

@Will Samsky use the 50% rule to do a quick analysis to see if it's a possible deal but always due an item by item analysis before making your final decision

Get a general outline of a particular niche, then research each item in the outline in more detail.

Thanks BrandonI spent pretty much all day wading through a lot of the items in the learning area.