Unless you assume that I have not done due diligence by speaking at length to the inspector and current owner about the major systems and condition of the house, I feel the percentage of income set aside for Maintenance and Repair is conservative.

@Guy NoelWhat you’re describing is called a quasi cash out refinance.Since it is not an arms length transaction you would have to disclose your relationship with yourself- no lender would be ok with that- what you could do is a cash out Refinance, which has much lower LTV guidelines (80-85% LTV) than a purchase transaction.If you some how pulled it off, and the lender found out they could call the loan due in full immediately.It may even be punishable as mortgage fraud.

Also, notice many termite tunnels hanging from the ceiling in the front unit about six inches in length.

Also, call the previous landlord and talk at length about this tenant, sometimes tenants have agreements with the landlord to pay on a certain day of the month.Good luck to you!

Some cities will actually knock down houses that have been vacant for more than a certain length of time because of the risks they present.

If they are signing a 1 year or 6 month lease then they are obligated for the length of the lease.

To show prospective investors, I just keep it simple as mentioned above and keep a tally with averages on deals closed showing:  Total Investment Amount, Profit, Length of Investment.  

My tax returns are in order, employed for good length of time, and proof of funds with bank statements.

We haven't even touched on length of time of ownership or exit strategy. 

The flexible hoses only come in certain lengths.