Its best to have this conversation with your seller prior.

In all our offers, we have a contingency in the offer that we can review lease prior to closing and ensure they are up to our standards.

I will say if you didn't run the numbers prior to purchase, compare rental rates, or accurately estimate the "mild renovations" you could be up a creek without a paddle. 

This is an absolute scam.....No credit check or finances submitted for youNo appraisal or property inspectionNo lender’s title insurance**Points up front Before loan funds**** (points are always simply deducted from the loan proceeds, not actually paid prior to funding)Need I say more?

Is my depreciation already accounted for prior to the distributions?

Anything done prior to placing the property in service as a rental is added to basis and depreciated over 27.5 years.Putting a For Rent sign in the yard doesn't matter. 

Napkin math: $180k refinanced at 75% = $135k - $87k (current mortgage) = $48k cash (prior to closing costs)

Prior to this, the demand for contractors was so bloated that rehab budgets were getting blown up 20k above what they should be simply due to demand.I do not think that this competitive sprint in the market will last forever.

I owned it prior to my wife and I meeting and when we got married, we decided to keep it and try our hands at being landlords.

HUD told me that one can only manage the building if they have prior experience, so how does anyone ever start?