Or, "The kids will enjoy the Dirt Bike that comes with the house and the lot next door to ride it in"By the way, the lot next door didn't keep you from buying the house, why would anyone else object?

No Free Rides!!

So it's not like Turnkey is pain-free, you have to do the work and know how to avoid being taken for a ride, like pretty much any big financial decision in life.I am always happy to provide info to new investors, as it fuels my BP addiction anyway ;) But before you or your friend make any decisions, it's crucial to have a serious heart to heart about what the goals are for the investment and what your needs are with regard to time commitment, risk, and control (do you need to be near the property, do you need to be in charge of tenants?).

@Dennis Rootes I also want to add that in Houston you’ll have flooding issues potentially but also in other parts of Texas you get a lot of hail and increased flood damage that makes your insurance more expensive.Just FYI 

From the buy to the rehab to rent and then to the refinancing it has been a real roller coaster ride.

that doesn't even look like damage from a piece of wood.. more like hail dents..  

Guy #1 needed to take a shower and pack his things and I'd give him a ride to the bus station. 

It hasn't been a bed of roses however, I've failed, lost friends, lost time, shafted by countless contractors, lost and ran out of money, and a multitude of other problems, but what one hell of an Ride!!!

I’m going to lay out all the numbers here and hopefully some people will chime in with their thoughts. 1 bed/ 1 bath condo in north New Jersey (~10 min bus ride to midtown Manhattan)May 2016 Purchase price: $270kDown payment: $54k (plus 10k in closing costs)Current market value (best estimate): $325kMortgage remaining today: $205kCash flow per month as rental: $300The way I am looking at this is I am deriving my “net equity” (net of selling closing costs) to be:$325k x 94% = ~305k, less 205k (mortgage remaining) = $100k net equity.Therefore, my RoE on an annual basis is $300 monthly cash flow x 12 = $3,600 divided by my net equity of $100k = 3.6%On one hand, it seems like I could use that $100k elsewhere and likely beat 3.6%.

How can I assure that contractors won't take me for a ride?)