If a tenant moves out and you need new carpet, paint, etc, half of your "cash flow" is gone to get it rent ready again.

You’d want to know the status of all tenants and their leases, are the units separately metered, year built (new lead based paint law has just been passed this year for rentals).

One more thing on hanging artwork to make it visually appealing, the rule of thumb is to hang it so the middle of the painting is at eye level- about 57 to 60” from the floor, unless it’s over a sofa, then the bottom of the frame goes 8 to 10” above it.

Buy a property in decent condition, do some spit and polish upgrades (paint, flooring, etc.), hire and vet a Prop Manager, and use a regular 30 year mortgage to buy a property on market. 

We improved the property by resurfacing the decks, adding safety railings, painted the outside, fixed the roof, and added a henhouse.

Or offer him 200k, clean it out, paint it and sell for 250k.

New plumbing, electrical, insulation, sheetrock, paint, finishes.

2 bed 1 bath 600 sqft and turned it into 2 bed 2 ba with all updated floors, paint, countertops, cabinets, appliances, etc.

Doing some outside paint currently.

Not sure how much money they put in but looks like flooring, cabinets and painting.. they had this listed at 650K in September.