I bought this house in 2003 for $49,000 (Paid it off completely) and invested $60,000 into fixing up - everything is new: electric, plumbing, hvac, 2 floors addition, bathrooms, and new kitchen.

And, as you'll find out, by sticking that 100% hard money loan on a property, it establishes your lending floor and makes it much much easier to do your refi's since they'll be rate/term refi's.The alternative is putting down 20 to 25% and paying rehab out of pocket and then trying to find a bank that will do a cash out refi.  

But, in 55+, don't get 2nd/3rd floor units if there are no elevators as in some of the older, cheaper buildings.

That's a new kitchen and bath, flooring throughout, and paint in and out. 

Unit 1474 sq. ft.7,405 lot sq. ft.built in 1950Renovations: new interior and exterior paintdual panned windows.hard wood floors“Well maintained” (haven’t viewed property yet)I will be using an FHA loan from a private lender to finance the property and would like to get a personal loan from the bank to finance the money down.

HI,I'm looking at a deal in Memphis, TN (SFR, 3bd, 2ba, 1335sqft) from a turnkey provider at $77900 and wanted to get the community's feedback.It just got leased with a tenant at $995/month on a 2 year lease.The turnkey provider made it rent-ready (new AC/Furnance, carpet, flooring, etc.) so no fix-up costs.Property taxes = $1490/yearInsurance estimate = $700/yearProperty Management = 9%/monthEstimate vacancy at 8% (1 month)Estimate maintenance at 10% (built in 1985)income:  $995/monthmonthly expenses:$80 = vacancy$124 = prop tax$58 = insurance$82 = prop mgmt.$100 = maintenanceTotal exp = $444/monthNOI = $551With loan, 25% down, fixed 5% at 30 year$322 ; Mortgage payments$229 = net cashflowIt looks like its in a "B" class area. 

Every single piece of flooring in the property is either being replaced or refinished.

It will need septic, and furnace work as well as TSP scrubbing all the walls, paint, flooring, and the kitchen is in dire need of gutting and replacement, and the bathroom could use a gutting too.

sunroom, wood floors, french doors.

It is an old building, so sound between floors carries easily.