The rehab estimate is about $150,000 but it could go as high as $220,000. 

If they do not have the money to pay rent and/or have the money and do not prioritize paying rent there is little you will be able to do to change that in most cases.Just be sure to factor into your numbers the cost associated with evicting these tenants if they fall behind.

Another thing I'd highly recommend is talking to property managers on BP to get some feedback-- it's probably very rewarding and can produce income without many starting costs, but it does come with headaches.By thinking about your next steps, you're already on the right track.

I plan to get at least 3 quotes but I just thought this was a low ball estimate in today's cost.

EDUCATE YOURSELF - yes, it will take time, but will lead to a selection that better meets your expectations & avoids potentially costly surprises!

This might be easier to handle between tenants.Market and Economic ConditionsMarket Fluctuations: Be prepared for potential fluctuations in the real estate market that could affect property values and rental demand.Economic Factors: Consider economic factors such as interest rates, job market conditions, and tourism trends that could impact the Tahoe area.Exit Strategy:Backup Plans: Have a backup plan in case your circumstances change, such as if you decide not to move to Tahoe or if the rental market becomes unfavorable.Sale Considerations: Understand the process and costs involved in selling the property if needed.

Valpo is a great area to invest in, Munster is also great but Lake county seems to have higher costs.

I said yes, and he mentioned that he would deduct the cost from the rent.

That means the -ve cash flow will be my housing costs. 

Ideally I am looking to keep the purchase and renovation cost between $175-200K.