Additionally, we have to hand deliver or send the deposit back via certified mail within 30 days of the end of tenancy, along with an itemized list of any deductions.Again, not sure of the laws in Ga, but make sure you don't get hung out to dry because you missed out on one of these little loopholes.

According to analysis by Ben Leybovich you should calculate about $150 - $170 per unit per month for capital expenditures over time (boilers, water heaters, flooring, roofing, siding, etc, etc) for buy & hold properties.If your $600 is missing some of those items you might be in trouble.Hopefully, you've used the BP analysis tools (free!)

You are normally going to need 20% of the purchase price for a downpayment using conventional financing.It could be less if your seller is willing to do certain types of seller carry back financing or if you are set up as a general partnership and part of the money your partners are putting up goes to cover the down payment.You are going to need to have some money set aside to handle fixes and upgrades or for operational issues also set aside.How much time can I devote to running the community?

I then detail each job (flooring, cabinets, bathroom, etc) and each gets a line item cost for both labor and materials. 

After 18 months, the mail is returned with the reason it couldn’t be delivered, for no charge.Change Service Requested - You’ll be notified of the recipient’s new address or the reason the item couldn’t be delivered, and charged an address correction fee.

Remember that FHA mortgages have very stringent requirements for condition of the property, and its possible the current owner has gone through the inspection process and found that the property is lacking in certain areas, perhaps in items that the owner is unwilling to remedy prior to sale.Last note: you wrote that the owner specified it would NOT be able to be an owner-occupied purchase... was the property fully rented with leases in place?

Countertops, and other interior items could have a payoff if the area demands higher rents for premium features.  

From all my reading/listening to the BP podcast/your guidance above/my own common sense, the biggest item boils down to making sure something is in writing, and I fully intend to make sure all ducks are in a row and written down as a landlord!

So carrying cost is huge.Also, the house is very unique for Chicago - Spanish Villa type home (stucco exterior) and the driveway is shared by three other houses.

I had a 2 page detail on dealing with my seller and getting all the needed items in usually prior to even making the offer.