HoweverIf during quarterly inspections I found a hole in a door because a wheelchair backed into it, a Hole in a wall a nurse punched, a burn mark where glasses caught the sun and burned a hole in a carpet, a broken stair where an O2 tank was dropped or a chewed up molding the result is the same.

Here's what I have:Price: $89,900Rent: ~$1500Estimated Rehab:$5,000 (I believe this to be higher than what it needs): already has stainless steel appliances, new carpet, nice wood floors, granite in bathrooms/kitchen, etc...HOA fees: $432/monthProperty Taxes: $60.20/monthInsurance: ~$30-$50/monthFinance: conventional loan with an interest rate ~5%Property Management: $100/monthRepairs/vacancy: 10%ARV: ???

But it can get very messy if it doesn't. 

Over the 15 years we replaced carpets, added a new roof, new HVAC.

Pooling and LLC runs into messy issues and when things go South and you didn't have a good real estate contract and LLC attorney write the op agreement to cover the backing out situations, the disagreements, things can stalemate and make for sleepless nights.   

My biggest expense was the new carpet I put into that one-bedroom unit. 

Purchase price: $168,000 Cash invested: $179,187 Sale price: $210,000 Quick flip, mostly cosmetic with paint, carpet, and a few upgrades.

Renovations upstairs included ripping out carpet and refinishing hardwoods, painting all walls and trim, new front and rear entry doors, new flooring in kitchens and bathrooms, adding exhaust fans to bathrooms, refinished the tubs, new vanities and toilets, painted kitchen cabinets and new laminate counters.

Paint, carpet, hardwood etc.

They get messy.