It was mostly just cosmetic repairs.

I also manage all repair maintenance and routine property maintenance.I have a registered LLC and EIN and have established a Solo Roth 401K.I Understand that by default rental income is considered passive.

Existing mortgage=$49kRepairs=$37k (cosmetic but gave room for tenant removal surprises)ARV=$72kAsking price= $25k (would be open to negotiation)Mortage payment= $374 2nd mortgage payment=$210HOA=$323.65Seller behind 3 months on mortgage payments and HOAMarket rents are $1100 but the current tenant was paying $600/m.

.- Electrical panel not attached to home, so failed 4-point inspectionAs I will be sprucing this place up for Airbnb, it will also need cosmetic work like landscaping and some painting. 

That is the reason why cosmetic flips are the most profitable ones.Getting the Pieces in Place Before You BeginIf you start your journey by looking for profitable flips, you will likely fail.

Most investors use a 4 or 5 point inspection, however if you're very uneasy a full inspection might be what you want (usually for more of a buy and hold, minimal rehab/cosmetic investor purchase)If it comes back (and wait for full report!)

If its purely cosmetic the prices go down.

Who in his right mind is going to hand equity over to the bank when sales routinely close for all cash,  no contingencies and close in 10-15 days?

Based on pictures I’m estimating 20k worth of rehab but want to keep the current renters there as long as possible due to the fact that I’m already gonna have re due cosmetics whether they move out tomorrow or in 5 years.

Eventually, she decided to leave in March and we started the minor cosmetic work to have it rent ready.