Then you're out $5,200; this is why reserves are important, hopefully you can work out some sort of payment plan with the tenant to be made whole but if not this is part of the risk with RE investing, this can happen even in normal times.  

We follow the same policy and usually work out a flexible arrangement, because some rent is better then no rent these days (even though we collected close to 100% for April). 

If things work out I'd love to try to do another property in a year or so, maybe find one at a discount I could have fixed up with the saved cash.

With a substantial earnest money at risk, I was able to work out 12 month seller financing, however the seller increased purchase prices by $40K.

With a substantial earnest money at risk, I was able to work out 12 month seller financing, however seller increased purchase prices by $40K.

$1200 for a 2 bedroom is what they are getting for apartments with a pool, workout room, on-site property manager in good areas.

Meeting up for a drink after work with a girlfriend, my gym workouts, date night at our favorite spot with my husband, etc. 

Do you have a handyman on staff for simple fixes, are are you contracting that work out every single time? 

This will vary by state and I hear NJ has some crazy property tax rules, so you may be correct, but I still would double-check that number.Other than that, your post-refi numbers look good, and your rehab time seems short, but if you're sure it will only take a month I don't see a reason to change that.If the numbers work out after making the adjustments, this might be worth pursuing.Good luck!

My tenants want a water softener and I'm going to work out a deal where they will pay the monthly financing for the system if I pay the downpayment and the installation fee.