There are significant tax benefits to utilizing the house as a vacation rental as opposed to a second home.  

Exterior painting, landscaping...etc....  

Then immediately after closing change ALL the exterior door locks to the house.

It may be easier on you and friends/family to manage 2-4 tenants on one property as opposed to all over the county...That $25k should be enough to get you rolling.

I don't want to throw my money away and would rather take a beating on here for something I did wrong before I spend the money as opposed to afterwards, so if this is a bad deal please let me know.Thanks,Zach

This video is a week old, we are painting the interior/exterior now and should be wrapped up by next week. 

I screen out cash-savings buyers, from folks hoping to borrow enuf cash last-minute *after* their offer's accepted, by requiring VODs (ie, actual statements as opposed to 'proof fo funds' letters/printouts) which show 30 days of recent activity which led up to the total $ in their account, whatever it is.I'd be interested in what sort of loan you end up getting to 'refinance' (pay off) the LOC borrowed to purchase the property; would the lender pay off the LOC for you or would they actually give you 'cash out' of your equity?

Real estate investments like this are generally considered a passive activity as opposed to a trade or business (in which case you could deduct these types of expenses). 

Keep in mind this house is in Southington, CT and is a B+ area (a very desirable area to live) which has a big impact on the rehab and the way it is structured.Draw 1Replace 1st floor gas furnaceInstall new gas furnace and ductwork for floor 2 Replace both hot water heatersPlumbing repairs/modifications: water lines, waste lines, & relocate washer/dryerElectrical repairs/modifications: relocate washer/dryerTotal Amount for Draw 1: $15,000Draw 2Remodel 2nd floor unitFramingPatch and PaintFlooring throughoutKitchen remodel: add cabinets, install granite countertops, backsplash, install appliancescomplete bathroom remodelInstall new light fixturesTotal Amount for Draw 2: $10,000Draw 3Install vinyl sidingPaint exterior trimgarage repairsfront porch/walkway repairslandscapingTotal Amount for Draw 3: $10,000Draw 4Remodel 1st floor unitpatch and paint interiorFlooring throughoutkitchen remodel: new cabinets, new countertops, backsplash, appliancesinstall new light fixturesTotal Amount for Draw 4: $10,000Total Budget = $45,000

I see a lot of chrome these days as opposed to brushed nickel.