I think that's low and your turnover costs will probably be higher than you anticipate. 

Howdy @Mary WhiteSince this is a BRRRR strategy you should have anticipated and planned for the entire Rehab costs in your initial analysis prior to purchase.  

My goal is to grow a rental portfolio over time and although I dont anticipate any issues but would like to have a someone in my network I can rely on for legal matters.  

Three year amortization for a monthly debt payment of $531.36 ($6376.32 monthly)Anticipated Rent 1550 with a near 100% occupancy in our market.  

You're not stuck with it by any means,don't panic.In the state of California,you have 17 days to walk away from an accepted offer as a buyer without any penalty whatsoever.You may have a shorter period of time if you offered all cash and a short Escrow in your purchase agreement.Either way,use the inspection period to your advantage and renegotiate the deal.Tell them the damages and repair costs are worse than you anticipated and you want money off the deal for it.They won't be happy but,stick to your guns or walk away clean.Other investors will come along soon enough to take your place.

This means that you should anticipate (typical costs to stay on the safe side of things) 3 months rent, $1000 in legal fees, and potentially even a few thousand in damages.  

They might be the same as the previous year amount, they might not.So, at closing, current year taxes are prorated, using last year's numbers.That means that if the property taxes for last year were $4,000 and the closing takes place on June 30, one-half of the anticipated tax liability is taken from the Seller's account and credited to the Buyer's account.Then, at the end of the year, when the taxes are paid, the new owner pays them, using the $2,000 credit that he received at closing to cover the one-half year that he did not own the property.Different taxing districts might do things a little different, but this is the general scheme.I hope this helps.Good Luck.Michael Lantrip

Don't fall for overpaying for a property which my need more work than you initially anticipated.

Hello BiggerPockets forum,I have an out of state investment property that cost me a little more than I anticipated and I am looking to save money by listing the property as for sale by owner.

I think my carry forward loss will just be cut in half (based on my rough estimates).I wanted to throw this scenario out to see what I should anticipate.