Vinyl plank is a great alternative as well.

Should I just automatically write these off or is there some alternate way I don't know about to find out what the insides of these homes look like?

Or, alternatively, if you have any other proven methods of purchasing properties that need just enough work the bank will not lend on them but not so much work that the price works for hard money, let a guy know, because that is the pickle I continue to find myself in.  

I am actually glad that you brought up the alternative route of looking into being an assistant manager or something similar for a multifamily owner or developer.

If you look at the math though and you have investment alternatives that will generate more than 3.5% then the decision is simple and always gives the same answer.

I would (1) check your local laws to see what they say about giving notice for month to month leases in your area, and (2) do NOT offer the rent increase alternative if that's not what you want.

The ADU will generate a rental income of 2,000 a month.The cost to build an ADU unit in California is about $200 per sq. ft about $160,000 costThere is also the alternative to install a prefab unit made of storage containers and the cost for the same sq. ft. is $100,000.Both alternatives will generate the same rental income of $2,000 a month.If I decide to sell the house in about 5 years, having a prefab unit will not increase the value of the property as much as if I have conventional construction unit?

Alternatively they own the LLC and pay you X% of profits based on gross rents and it is structure as you are a true management company/individual.

i haven't looked recently at the advancements, but are there any alternatives to carpet people suggest, including hardwood, that don't create a noise problem.Also, since a rental, I wouldn't want it to be cost prohibitive.I also like the idea of something that is a bit less maintenance than a carpet which is sometimes a pain to clean, repair or replace when tenants move out.Thanks for any input!

I also do not want to lever the total value of the properties above 50% (this will help immensely if there is another 2008 like downturn or any type downturn for that matter)(most conservative non-traded REITs like Blackstone use around 50% leverage as well) All 8 of our properties are very similar to this one example below.Using 5% Vacancy, 7% Repairs, 7% Capital Expenditures, 0% Management (self managed) in rental analysis calculator -Property A (paid cash) Year 1Purchase price: $80,000 Rent $1000/mo or $12,000 annualTotal Annual expenses $5,240Total Annual cash flow $6,760Cash on cash ROI $6,760/$80,000= 8.45%-Property A (Traditional 30 year fixed, 25% down, 5% rate, $2,500 closing costs) Year 1 Purchase price: $80,000 Rent $1000/mo or $12,000 annualTotal Annual expenses $9,105.12Total Annual cash flow $2,894.88Cash on cash ROI $2,894.88/$22,500= 12.87%-Property A (Alternative Lender 10 year, 25% down, 5% rate, $2,500 closing costs) Year 1 Purchase price: $80,000 Rent $1000/mo or $12,000 annualTotal Annual expenses $12,876.72Total Annual cash flow -$876.72Cash on cash ROI -$876.72/$22,500= -3.90%-The one alternative lender I found does not make sense as it creates a negative cash on cash return.