I wish my kids would get involve like you I think I ruin them because I put a paint brush in their hands and told them they had to work to pay off their student loans to me:)

Bought a house in September 2014 and rented it with clean-up and paint etc.

She’s put a lot of work and money into the place (new septic, flooring, kitchen and bath updates, new plumbing, HVAC, and exterior paint.)

Not over your head at all...Congrats - you have some good ideas....What I would suggest is a prop that is lower than market based mostly on cosmetics...flooring, paint, minor drywall, possibly cabinets, etc...you can get substantial discounts & still get the 1st time buyers rates & programs & such - then hold for a few years & possibly rent it out....or another option would be HUD foreclosures - they have (in our area at least) a 10 day "owner occupant priority" - before the true investors can even bid on them....much less competition....you may want to look into that avenue as well - Whatever your method - congratulations...

Meaning, clean, rid of junk, paint walls, have a big room with bathroom where it is (rehab it, of course) and then wait to see who signs the lease.

LEAD BASED PAINT: Tenant/Buyer will make sure that all EPA and HUD guidelines are followed regarding lead based paint, as required by law, when restoring or otherwise disturbing painted surfaces that may contain lead paint.

I also wouldn't try to calculate cap rate and cash on cash stuff until you know what you'll spend on upfront repairs, even basic paint and carpet could be $3-5k per unit or more.

Who knows <shrug>Paint ceiling midnight blue - affix glow-in-the-dark stars...

I am enjoying the cash flow and doing some maintenance such as exterior painting, AC tune ups, upgrading ceiling fans, etc.You can hope for a housing correctIon or a 2009 like stock market crash but neither are very likely anytime soon.

Recently painted and new carpet in bedrooms make this the perfect investment property or starter home.