In the Dallas area, it would depend on what class of property you are looking for and what your acquisition parameters - financial targets - are. 

If your plan is to buy it, fix it, and sell it when it's done, then you need to get your reno cost way way cheaper than it is right now.If you are using hard money lender, then the rental income is not going to make sense financially, you would be much better off investment elsewhere

We are just speculating on the upward moving of this market because the house price keeps rising and there are organic factors that support it so in a moment we think negative cash flow can gradually be covered by picked up rising rental rate, but i guess its not financially sound on this deal

I know they have some financial base 3.

IRR is calculated using a spreadsheet formula or a financial calculator.

I love that everyone here is as excited about real estate as I am it has inspired me to take action towards my financial & real estate investment goals!

Rent was earning me $950/month and was paying 12% on property management since i live 3/4 of the country away...Last month i owed 34k on the loan still, but the last comparable property in the same property area sold for 139k prior to the fire, with the townhouse being rebuilt new here within the next year, i expect the value to increase with the updates in the rebuild...Just wanted to get some input on situation, im financially able to cover this $505/month easily, but i feel like there is something i could be doing to offset this and figured the creative minds on here would help me out.

I've done it several times and it's created financial freedom for my family and I.

Essentially, the lessor is allowing a third party operational, financial and strategic control of his property with a VERY small financial comittment.

In the meantime you may want to refi out of that loan If you have over a 650 credit score you can get a stated income loan no financials needed