It was as I expected, but I was hoping for legal loophole to make little extra :-)

My local real estate investing mentor has said he personally knows the owner and that he’s a truthful and honest guy and wouldn’t be making up any lies about what he previously brought in.

Just make sure you have access to extra funds, in case you run into surprises during the rehab, or if you underestimate the repair costs. 

In truth I bet the cash flow is better outside the city, because I spend far less on turning a unit than those in town do, I suspect.

I guess the reason I am considering it is because it is a way to stay somewhat active in the market here in Denver, while at the same time earning some extra money! 

Extra info.

Getting specifics without a deal isn't easy.Additionally, a bank isn't going to want to feel like you can't afford the extra 5% -- at the end of the day you're going to need cash for repairs and what not.

That way your extra cash flow can help in the event of slightly higher vacancy or maintenance while you figure out your management situation.

You might like the $98 Home Depot special or maybe a $1,000 bidet is your style.He doesn’t want to get stuck with the extra cost.Have him provide allowances for fixtures, finishes and installation so you have a better idea of final costs.Better yet.

If you give them a chance to pay on their promise date and they were being truthful, you will have avoided a lot of time and cost associated with filing the eviction and then cleaning/fixing up the unit, marketing, and not to mention vacancy.