It is a good community to network and learn about all aspects of real-estate investing.

I would think 5k or 10k would be plenty, though it will depend on house size, age of roof, windows, sewer, AC, Furnace, electrical, plumbing. 

The roof on the carport was a flat roof and I am removing it and making it a 3/12 slope.  

In that low end price area many properties are as is so be careful of well, septic, foundation, title and roof issues as 20K rehab can turn into 50 in a heartbeat.  

What I meant, though, is if you're going to incur the expense of PM, do you look for any key aspects of a deal e.g. property taxes being low, how much below market a property is, new electrical, plumbing, roof etc. that may ease the blow?

Good schools, shopping etc are all close by.Ideally I'd like to use hard wood base trim at $1-2' cost from a supplier out of the area, the casing of course would be more, Masonite doors $70-80 ea, Schlage Door knobs, LP Smart Siding, basic roofing materials unless I could snag a good deal on class IV shingles - 5" concrete for the slab, Basic Vinyl windows.   

You can bring the fixing aspect and your partner can bring the capital, and then you can look into managing the property for a management fee.Visit your local REIA, and try to network with brokers in your marketGino

We eventually sold after a year at a very slim profit, AFTER putting in 40k of improvements (new h2o heater, AC units, roof, etc). 

Several others have made great observations about non-relatives under one roof and increased expenses when renting to college students.  

Close to 465. 1100 sq ft.House was in rent ready condition and needed nothing with new carpet, new paint, updated kitchen, roof only 3 years old etc.Purchase price $51000Down payment at 25 percent $1275030 yr fixed at 4.75 percentTaxes 1020 a yearInsurance 560 a year.Rent $800 a month50 percent rule $400 NOIP/I  $200Cash flow- $200 a monthAny opinions?