I suggest finding the right people and putting together a long term plan of attack.There isn’t one magical property, or investment that will not have its ups or downs.Safety comes in numbers and every property you buy needs to get you a step closer to achieving your end goal.Focus on the fundamentals of the deals and the numbers within themUnder estimate your income and over estimate your expenses Forget about capital appreciationThanks for your attention and I"m looking forward to hearing your thoughtsYour favorite AussieEngelo 

They would tend to be conservative on the estimate, I would imagine.

If you have a property that needs a little work or a complete overhaul contact me and I will be happy to give you an estimate.

I literally had to provide an estimate from a licensed contractor to install handles and deadbolts on interior unit doors and they made me escrow 125% of that quote.  

Your mileage may vary in Norfolk/Portsmouth, but I can't imagine it being so different as to make such an estimate off base. 

What are the minimum details I need on his receipt in order for me to submit it to the IRS?

Unfortunately it looks like tax reassessment is going to kill this deal since the estimated sale price is much higher than the value the assessor has on the books.

The main reason that we cannot agree on a purchase price is because the home owner believes that I am over-estimating the repairs needed to achieve a higher profit in the end.

But if you net $1,500, then maybe it would.At any rate, I think it's great that you've gotten started - it's okay to learn the details later. 

From experience though very few people actually read the details of a rental ad, they mostly just look at the pictures and the rent amount.