The plumbing, electrical, HVAC, and roof will be the major items you need to consider.Especially in these areas, you will need a GREAT property manager.

Plumbing and electric has recently been updated.

Removed ALL plumbing, electrical, furnace, hot water heater, smashed what they could etc.

The sfr needed a total gut, new iso, plumb,electric and termite repair.

You can always use that time to do more detailed inspections and if you find something you don't like, you can back out.Not a good practice to back out of deals after they've been accepted with no contingencies, but if you use this option very sparingly, it gives you a big advantage.That said, you still need to be able to do basic inspections and ballpark repairs costs.A few things that help me:- Most of my rehabs tend to be at-least full cosmetic, so I'm replacing all flooring, all light fixtures, all plumbing fixtures, all appliances, cabinets, etc.

The only thing they do not do is hang drywall (except for my mine sub who is a jack of all trades - he is a pinter, tile installer, minor plumbing work, stucco guy, brick and masonry installer, finisher, framer, and the list goes on.

ALL YOU NEED TO DO IS INSTALL AN INDOOR DRYER VENT, WHICH IS LEGAL IN MANY STATES BUT CHECK WITH YOUR LOCAL PLUMBING CODE

. - purchase - 70K (It should appraise as is for 90K, considering 23K per floor, as per comps, and there are no liens)- I have 30K of my own money to invest in the rehab- I also have another 10K for initial costs of the loan, closing, attny fees- Thus the initial total comes to 110K - closing - Dec. 15- after the closing, still during Dec,I want to change the roof, check heating and plumbing and secure the bldg before winter (This might take up to 10K of my own money, leaving me with 20K for the first payment to gen contractor, see below)- title insurance and hazard insurance will be in place at closing- January 5 - will perform a new inspection and on Jan 9 my attny will present my renovation plan to the cityI plan to convert 4 illigal condos into two duplex apartments.- January 10 - the rehab will begin with the initial 20K payment to contractor (my own money, not a loan)I estimate the time line for 3 month and the total expense for 80K (including the mentioned 40K) However it might go as high as 100K.

Extra bedroom changes plumbing rules, if home is on septic and they are not using strict fixture counts for sizing - new/expanded septic.4.

Some REIA also offer benefits like discounts or commercial rates on home repair supplies - plumbing, flooring, paint, etc.