. $5-10K- Accounting, etc is ongoing but add up to over $10-20K / year The above are estimates.

Most likely my even conservative estimates were not conservative enough.

you mentioned it is in a flood zone, call a company to get an estimate as you want to make sure your numbers are accurate. you don't want all your bills to be higher and you are not cash flowing.

Therefore, it is much wiser to go into the deal with a more conservative estimate to cover CapEx (10%).  

You will need to perform at least basic underwriting based on the T-12 and rent roll.There is, however, a short cut to estimate the maximum debt service.

You don't want to niggle over every last detail with excessive back and forth negotiating.

Need to estimate costs better next time.

I am about to buy my first property and with my detailed story I would love to hear what peoples advice on what to do in my situation to make the best of it.

Details: We've been looking at groves that are sub 20 acres, usually near 300-325k asking price, most properties currently have professional management on the groves, and almost all of the properties are without main living structures. 

To be fair, the theater was in very bad condition, and low estimate repairs ran around $100k-$150k.