Issue is Electric vs gas :(  utils will be expensive and you need to address that at lease orally with the prospect.

I think I have the swing of the expenses finally, but I am confused about the amount I've invested.

I can refer you to my investing group's financial experts (accounting firm / law practice), if you like.Where the issue may be getting confused is that the interest on financing is an operating expense for income property, but the principal portion is booked under debt service, as I understand it.

Even if all expenses and debt service cost 60%, you'd still have a 10% Cash on Cash return.

The contractor on Property #2 was more expensive but nearly turnkey. 

Calculate your NOI and then take out capital expenses and debt service fee to calculate your cash on cash return.

I really like doing land contracts because you don't have the expenses that you have with a rental.  

The tenant has gotten a lot better at managing expenses over the past year or so and rent has been a lot more regular.

Good fresh paint job and cleaning.If the house is lower income then a larger expense on renovation will most likely not be inline with the return.  

There might be no cashflow leftover after expenses for your share.