I was 2.5 years into my journey before i invested a penny of my own money into real estate. 

The guru company - due to their lack of professionalism, follow through and basically lack of any real service - do not deserve any penny of that $41,000.I gave a 90-minute talk to a Chicago REIA about 3 weeks ago and I was approached by 2 couples who paid a guru several thousands of dollars and they can't believe the amount of knowledge I was sharing all for FREE.

If you do find them, lawyers, courts, etc all cost money and, even if you actually got a judgment, you'd probably have to pay a collection agency a percentage to collect pennies on the dollar.

For example, putting a marble countertop in a low income rental wouldn't add a penny to the value.Good Luck,Mike

$800K too much, even without looking at the expenses...BUT...min required expenses and variables to accurately answer your question 1. property taxes at pro forma 2. utilities cost and type that are owner paid 3. type and age of mechanical systems(galvanize or copper plumbing, electric, gas or oil heated, type of constuction,etc) basically what are the possible capital expenditures your could anticipate 4. insurance cost 5. interest rate for your loan that is 80/20LTV ...unless your conservative upside on rents is more than 50% it's a solid NO with out getting all the above variables to give yourself an accurate idea of how this seemingly lean deal would pencil out....and i'm no where near the experience level of other posters here 

Same situation with the water heater too (except there is a small leak on one of the copper pipes coming of of the water heater).

It offers the same exact inventory as seen by agents on MLS in real time and doesn't cost a penny.

A lot of times you end up in a bidding war with sketchy, unlicensed characters who are offering to do the job for pennies on the dollar and it becomes a race to the bottom in terms of price and quality.If you can find an investor who's willing to pay a little more to have someone who's licensed, reliable, and provides quality work - awesome - partner up with them and keep them around.

i have to add a few....tenants not paying for two months due to financial reasons. so we agreed to release them from their lease as lonmg as they left the property that week......and either the tenants or their friends made off with the copper wire in the housew/in a 24 hour period a mysterious drunk driver ran over the mailbox and the doorjamb was ripped to pieces because there was a robbery at the house but both times no police report. and to top it off they only paid 50% of the rent stating "personal reasons" i LOVE being a landlord

Given those variables, you should wait until you have enough reserves to make sure you can go into this deal confidently and not strapped to the last penny.