Even a typical water heat replacement would set you back signficantly.There's plenty to the puzzle that i am unaware of but with what you've outlined here i would consider passing on the property.you know you need managementyou know you need to remove at least one tenantyou know cashflow is meager after considering management.i personally wouldn't recommend a client take on the risk for such a paltry pay out out of state.Even when considering long term appreciation the average amount of headache one assumes with a property will bog you down before the long term play pays off.

I would caution against a playroom as just like a pool or outdoor playground that brings a higher risk liability with it. 

Hi William, we're right across the water in Brooklyn! 

Thermostat was off the wall, laundry room filled up to 3ft with dirty clothes trash everywhere, bed frames dissasembled and no water.

However, ownership distribution must be clearly outlined based on each party’s financial contribution, and income and expenses must be divided accordingly.You might look into forming an LLC or limited partnership to pool funds, which can streamline asset management.

I do not recommend backyard especially if you have a pool or hot tub and certainly nothing interior!

I went there to have the water turned back on and started getting caught up in what the preferred order of operations should be.

Beating the competition with design and amenities is definitely possible due to the smaller pool of people but my concern is having to invest potentially large amounts of extra cash for the amenities just to have a chance in making it cash flow.

However I would probably bill it back to the tenant monthly if it was based on usage like water.

You need your project to be ready to rent by mid to late Summer; otherwise, you can cost yourself by either a bad renter pool or several months of vacancy.The Twin Cities are too big to properly answer your question.