Here are the numbers for this project:Purchase Price: $140,999Purchase closing costs: $1,706Materials and Labor: $31,822Holding Costs: $9,019 (includes repayment to investor)Final Sales Price: $220,000Closing Costs, Commissions, and Staging: $14,667Total Profit: $21,788Here are some before and after pictures:Fireplace before/after:Kitchen before/after:These are the major items we replaced/redid on this house: converted the carport into an additional one car garage (not as hard as I thought it’d be), carpet, updated fireplace, paint, updated lighting, appliances, laminate, granite countertops (also added a little shelf to the counter so you sit at a stool to eat), backsplash, painted cabinets, new furnace, new windows, and removed 3 dead trees from the yard.

As for private lending, you always need these items: Promissory Note signed and notarized, Joint Venture Agreement, and a Deed of Trust or also known as a Notice of Interest in some states that references the Promissory Note and JV Agreement.

My general rule of thumb (and obviously I'm focused on "what will screw with you getting a mortgage," so if that's not you, feel free to disregard) is that if your taxes are simple enough to use 1040ez, you're salaried W2, and you're taking the standard deduction rather than itemizing, go for it with the software. 

Your landlord must be a rookie, a good landlord will fix those items for several reasons, but most important, to take care of their unit and keep the tenant happy so that they will not know.  

To give you some "big picture" items about FHA loans, they carry a low down payment but the closing costs are higher.  

One very important item to keep in mind when buying with cash and seeking to do a cash out loan in the first 6 months is that you will be limited to 75% of the After Repair Value OR purchase price + closing costs....whichever is LOWER.  

HVAC replacement, appliance replacement, window replacement, concrete flatworm replacement or repair, etc..repairs that are unusual or irregularly done (not regularly done)".ie. those are mostly capital expenditure items, and as @Steven Preston pointed out above: "NOI does not take into consideration debt service, capital expenditures*, or depreciation". 

@Steve Cady...IRS filings are one of the important items a servicer should be providing as part of their services to their clients. 

Investors who do not consider these are in for a huge surprises when the big ticket repairs items hit the pocket or if you decide to move out of town and want to professionally manage the property......and poooooof......!

I did just want to point out a few key items that might help you locate a turnkey provider.