What would the mortgage payment be with taxes and insurance included versus your current rent payment? 

My question is, can I make improvements with the proceeds of the old house to the vacation rental including new floors, carpets, and furniture?

If I were to proceed with that purchase, I would still get a professional inspection. 

Here are my quick numbers on the deal:$1,600 gross rent-$570 ish for mortgage-$160 for management (10%)-$128 for maintenance (8%)-$128 for CAPEX (8%)-$128 for Vacancy (8%)=$486 month or $5,832 a year (12.9% CoC)Then you still need to budget for Taxes & Insurance, this would drive down your return further.

Hello BP Community,This looks like a great investment to us, but because we believe in feng shui, we are unable to proceed with this investment property. 

What should I be asking of the contractor to be certain they are insured properly & feel confident they know what they’re doing?

Can anyone direct me to a tool to estimate insurance for single, multi families and/or commercial property?

What are typical expenses other than loan,insurance and tax ?

Keep in mind your numbers aren't taking into account insurance, taxes, capital expenditures, or property management.

Also, there is a judgment against the property for $16k for unpaid water bills.I am hoping that by apologizing to him and offering to help him get the property going, he will maybe call back in a few months and want to take the offer.Any thoughts on how I could have done this differently or how to proceed?