He’s also had excuse after excuse for not providing a schedule or not showing up to my house to perform work.

If I'm buying a non performing note from the bank, owner balance is $148k monthly payments are $1150, the resell value is $175k.

A hydrostatic plumbing test is recommended to be performed by a licensed plumber post Foundation work.

The group has helped me stay accountable in following through with my tasks that lead to my goals.  

@Craig GrayThe source of funding, cash or loan does not affect the overall BRRRR strategy significantly.The entire strategy is to buy something in such disrepair that you get it for a significant discount, perform a rehab that adds much more value than it costs, and then refi out some, all or more money than you put in.

My experience of human nature is that if he already has the money, he's less likely to be concerned about his performance and if we're happy with him or not, etc.Another option is to wait until the summer months where the service calls are 3x/month, and then let the vendor opt to take the $550 average per month - that way we have the leverage if he decides to quit early or if we're not happy with the work - if anything, we would owe him money instead of him owing us service.So one factor is who has the leverage.The other factor is if there's a benefit to having the monthly costs consistent every month - does this matter to you as an owner / property manager?

A correct setup of the property purchases, the loans, classes, and chart of accounts are tasks that go along way in helping you with clean books and the ability to scale.

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I still recommend bumping that up some in your analysis (unless that 10% includes everything of course) because usually the base rate doesn’t include any additional services such as finding tenants (usually a months rent or half a months rent additional for that), renewing leases, managing maintenance/ repairs/ turnovers, performing inspections, evictions etc. so the PM fees actually land closer to 15-18% in my experience (our PM charges 8% base for collecting rent, dealing with tenant complaints and handling small emergeny maintenance calls, anything else is priced a la carte and I usually handle any issues over $250 myself which is the only way we make any positive cash flow).

To Taylor's point and especially in the foreclosure situation - you need to perform.