The biggest thing with this is if something major happens are you legally covered if the unit is illegally rented. 

Retain a cash reserve to cover vacancies or downturns, and align with your long-term goals by consulting a financial advisor.

I will PM you my rep -- they are in Indianapolis, but if they don't cover your territory, I am sure they can send you contact info for someone. 

Hey Denny - For rehab costs, a good place to start is breaking things down room by room and getting rough estimates for common repairs like the roof, HVAC, kitchen, light cosmetics, etc.

In my area you have to strip the roof shingles at a minimum . 

I hopped on the roof with the garden hose to defend the property (even though initially it was contained) when suddenly an ember spread to a palm tree (that had been neglected to be trimmed for years) that instantaneously atomized/vaporized into hundreds of embers and spotted fires on several homes.

At first, he was anxious about having multiple tenants under one roof, but with the right house rules spelled out up front, it turned into a solid monthly cash fow for him.

Do they like to be on the couch (if so I have couch covers)?

They are even working on getting me the evicted tenant's security deposit, the missing JANUARY rent since the place is still empty, and covering the cost of my own manager re-listing the property.

From a leaky roof to a backyard jungle, it was a crash course in problem-solving and patience.I bought it for $145,000, powered through the chaos with a hard money loan, and sold it for $180,000.