The premium bid thing in Maryland is a bit strange but I have the formula locked in excel to get what the true cost is. 

Look for the words "Buyers Premium" in the terms ... could be 3, 5, 10%+ added to your winning bid.Every auction is different.

@James Rader, please ask you deal sponsor if the effect of his/her premium is factored into the stated C.O.C. 

.) = 6,000All in 138kARV is around 160kGet a refi on 75% of 160k if you can find a bank that will do that for you, some only do 75% of what you have into it (138k).Rent = $1,550/m (you get the 100 premium because someone is paying more for the ability to get into a house they can call their own but are not qualified by a bank to get a bank loan at this time).Mortgage = $775.47 (120k at 4.75% for 5 year adjustable rate amortized over 20 years).Taxes = $300Insurance = $50Net Cash Flow = $424.53Option fee is 5k which comes back to you.Out of pocket cost = $138k-5k-120k = 13kYou don't need to budget for Vacancy, Maintenance, or CapEx, or Property Management.  

And, guess what, I'm going to pay a premium (like anyone) for that "service in an hour" so I'm going to get a bill that looks really high. 

Near the U of A is safer, but there's a premium to that.

I have been noticing the in certain areas in MA, that you definitely pay a premium for turn key properties.

They will either not be covered (they sound hard but are not) or only sold to you if you join the super premium coaching/mentoring level (i.e. more money). 

For me personally, I'm happy to pay a premium to have someone like you handle dealing with contractors; others don't mind it.It's great if he's willing to let you buy a piece of the deal since it isn't something he needs to get the property closed.At the end of the day, even if he doesn't let you in on the deal financially, it is a great opportunity for you.

It was not rented at all and I'm considering flipping it once finished but that is not set in stone as it will be a completely renovated house for less than 40k so the prospect of having a completely redone rental that I can get paid off in 2.5 years is enticing) I currently use turbo tax premium since I'm limited on properties but was curious as to where/how (if possible) do I classify it in order to take advantage of any deductions I can claim on it?