PARTNERSHIP DEAL BETWEEN INVESTORS: I am partnering with another investor and we both are going into the deal together, as we are doing everything (acquisition, project management, rehab, marketing, etc) except the funding (which is going to be done with the outside investor described below).

I have no direct experience with REI, with exception to providing consultation to a recently concluded family situation between my Mother [the landlord] and my Uncle [the renter] (a life lesson worth sharing later).

Here are the stats on the home: Goal is BRRRR strategy1910 American four square w original siding/woodwork3/1 1200sq ftRepairs to rent out: 35k (house has had nothing done to it for 30 years except for an added garage)ARV approximately 70-90k (recently sold homes are all over the place but nicer ones are in this range)Distressed comps are anywhere from 15-40kOwes 2500 taxes due end of MarchMLS listed properties are seeing multiple offers no matter the condition!

I sent out five letters to this person and three months later he excepted the offer.

Whenever I do find a way.. things usually work out exceptionally well.

With your exceptionally low monthly expenses, the emergency fund wouldn't need much.

I don't have any experience in REI except when we bought our primary residence in 2008.

@Tyler Wehrung there are certainly a lot of different stories attached to financing and what you are describing is no exception.  

Landlords do not "chase" tenants for payment except in the case of tenants avoiding paying.

Our experience is that, except for the tenants that keep a beautiful house, showing a house loaded up with moving boxes and scattered flotsam is worse than just waiting it out, cleaning up and showing it when it's empty.