They were in the process of painting replacing the carpeting putting new cabinets in the kitchen.

We have to install the kitchen cabinets, and the appliances.  

But, this constant complaining (closet smells, the refrigerator shelves are dirty, the cabinet knobs need polishing, whoops I flushed a towel down the toilet- come over and snake it for me) is getting sickening.

Ever have to replace a roof, floors, cabinets, furnace, etc...? 

It gave us 9' ceilings which look amazing and I can get 42" upper cabinets in the kitchen, which is small so it will help to enlarge the storage capacity. 

I'm seeing some of these FEMA payouts and knowing what I pay for Sheetrock, cabinets, appliances, etc I am strongly considering picking up a couple around Conroe for buy and hold.

So unless you have a new roof, kitchen cabinets, counters, bath vanities, showers, flooring, HVAC, plumbing, electrical, etc. those expenses are likely in the next ten years. 

The renovation will cover the following:Kitchen - new floor, cabinets, appliances, paint, and remove a non-load bearing wall to open up the kitchen and living room.Living room - new floor and paint2 main bedrooms - new floor and paintMain bathroom - gut renovation, new floors, vanity, sink, showerBasement - convert portion of the basement into a 3rd bedroom with new sheetrock, paint, and flooring for finished part of basement and staircase, - wall off 2nd bathroom and gut renovatePurchase Price: $60,000Repair Cost: $30,000 (my own initial estimate came in around $25-30k so I am using 30k to be safer)ARV: $130,000Down Payment: $13,500 (15%)Hard Money Loan: $76,500 (85%)Monthly Expenses (6 Month, Interest Only Term):Interest: $825 (11%)Taxes: $220Insurance: $40Total Monthly Expenses: $1,085Total Expenses Over 6 Month Loan Term: $6,510Cash in the deal by the time of ReFi:Down Payment: $13,500Monthly Expenses for 6 Months: $6,510Purchase closing costs: $2,500Total Cash in Deal: $22,510Refinance:ReFi Loan: $97,500 (75% LTV)HML Payback: $76,500Closing Costs: $3,000"Profit" after ReFi: $18,000Equity after ReFi: $32,500Rental Income:Gross Income: $1,300/monthReFi Mortage Payment: $642/monthFixed Costs: $260/monthVariable Costs: $299/month (23%)Cashflow: $99/monthMy 2 exit strategies would be to simply flip the house, or, if the valuation comes in slightly lower than expected, I am confident I can still rent it at this price because it is a very rent heavy area compared to owning and continue with the BRRRR method with slightly better cashflow because of a slightly smaller ReFi loan amount. 

It is like a digital file cabinet and once you figure out how to customize it, it works really well. 

Replacing kitchen cabinets, counters, floors, appliances, lights.