Additional info, I am a business owner, very busy with my business, no time to handle flips or that kind of thing, just looking for solid investment / cash flow, and need tax benefits.  

Thanks for all your kind response.To sum up, we were ripped off by our realtor/contractor. 

In terms of the rehab cost, are you referring to kind of guesstimating repairs upon viewing the property?

Aside from a few small fixes that have arised, I just sit back and collect a very fair 14% cash on cash yearly not to mention the tax advantages. there's no way I could get that kind of return here in California unless you are a multi millionaire already the deals just don't make sense for "income properties" currently looking for my second investment in the Atlanta, GA area.

Might also want to learn what kind of finishes you'd need to have in your new bathroom to keep it at (or above) your market's standard.Just out of curiosity, does the $707/month account for all expenses? 

Kind of steam rolled with that cash infusion and the Cashflow together and purchased everything I could get my hands on.

I would be so grateful for any kind of advice or knowledge!

It sounds far and high enough from the ocean, but you never really know what kind of storm mother nature can cook up!

That kind of offer would work in KC...

I know that no matter what our first deal looks like, there will be some kind of rehab involved and I want to learn-by-doing as much as I can.I don't have an abundance of time, as I work full-time as a Product Manager in Technology for Disney...but I have some evenings to spare and most weekends with enough notice.