I just hired a contractor to handle all my maintenance so I can focus on growth.

$850-125-200 maintenance, etc. = $525 cash flow not considering lender. $525 times 120 mos.(10 yrs.) = $63,000.If a property will pay all my initial outlay back in 10 yrs.

However, out-of-country seller (no debt) paid $300/month to a property manager, $100/month taxes, $205/year insurance, $350/month water, $120 month for electric/heat (laundry shed), $35/month trash (dumpster shared with 2 other MFHs), $105/month mowing, $20/month pest spraying, $50/month for cleaning of laundry room, in addition to any maintenance required.

Heres the deal:Purchase Price 38000Mortgage 29000 = 253/month on 15 years @ 6% ($16500 out of pocket down payment and rehab expenses)Taxes 1000Insurance 600.00Currently rented for 650/month (could of probably went 700)My assessment of sale value of home would be around 65000.00So using the cashflow analyzer I estimated maintenance expenses at 50/month (which I already found out is very low).

Good opportunity; Might fine tune this, looks like it would be 4 years of rent if that's the case.Why not do an annual lease with an automatic renewal that makes it likely that the next year will kick in and continue unless you both agree to terminate (but he could terminate following certain steps).You sign a note, you write him a monthly check, he endorses it back to you for rents or exchange checks.

The total cost of ownership per year would be the business license which is $250 and the annual list of officers which is $125 plus a registered agent fee since you don't live in the state which runs roughly $100 a yr as well.

we tried that asked the board to put the item on the annual meeting and were told that the updated R & Rs do not need to be approved by the association members only the board, so we did not get the Items on the Agenda. we thought that was how you do it apparently not with our board ?

It's not just disaters from mother nature but also from others in the complex, external factors, marketing, financing, maintenance and the image of the complex over the years.

HiI am doing due diligence on a property and I see that the owner is showing only about 1/3rd of the annual rents that he is claiming that he is making. he is also managing the property himself.

For your annual $865 LLC fees you can buy a $4-5m umbrella.