Termite Damaged Studs $1,000.00 Assume replace 20 EA studsRodent Extermination $150.00 QuotedNew Roof $5,750.00 Quoted - Partial re-decking at 10 sheetsNew Hot Water Heater $750.00 Assume $500 water heater and $250 installReplace Aluminum Electrical Wire $300.00 Assume 4 hours @ $75/HRTotal Rehab Budget $47,057.98 Contingency at 10% $4,705.80 Original Purchase Price $45,000.00 All In Cost with Original Purchase $96,763.78 ARV of Home $95,000.00 Based on ComparableAdditional Scope $11,792.98 New Purchase Price $33,207.02 All In Cost with New Purchase Price $84,970.80 Any advice?

But this is usually far more expensive than it's worth unless the patch replaces wood that's been heavily damaged and is no longer able to serve as a functional floor.

Our PM sent a water damage company onsite to extract the standing water on emergency.Later the company called and asked me to sign a contract so they could proceed with some testings, and negotiate with my insurance company.

This will be my first time dealing with a fire damaged home so not really sure how to calculate the ARV.

Then, there was a leak and water damage that has led to a million calls and headaches trying to handle deliveries, repairs, etc from KANSAS.

The long term leases lets me get the cash deposit as well, just in case they end up damaging something.  

It saves any reputation damage within your friend group and in the local investment community.

Or lets say a tenant causes some damage beyond their security deposit.

And here's what we found during the due diligence period:MF had major sewer line leaks, plumbing leaks, flooded crawl space (from said sewer/water leaks), leaking "new" roof and damaged decking because the flashings weren't installed correctly, foundation issues, bug infestations from multiple nasty tenants and EVERY system in the property was well over the life expectancy. 

He dressed like a homeless guy in an ancient truck to collect rent (ok, his normal working on rentals outfit or working in the yard duds, even now).