I'm a former contractor, specializing in "green" technologies and efficient energy use retrofits.

After we bought the house, we completely overlooked that the house had NO HVAC OR ELECTRIC HEAT AT ALL, only had a propane heater in the living room.

It is about 2 1/2 hours from Manchester, nh.We made it through inspection, it is a 100 year old house and needs a roof before the winter, I am figuring it should be about 15kish, but haven't gotten quotes.Putting 3.5% down with an FHA loan the p&i +mortgage insurance are $1200 a month taxes and insurance put it at about $1700, then $400 for maintenance/capex, and $100 for water/sewer and house electric, 8% $244 for vacancy.Current income is $3050/month, after calculating for maintenance, vacancy, capex I figure we should cash flow around $600/month.

I.e. tenant (or anyone you give a check to) has your account and routing number and now uses it to pay their electric, phone bill, other rent, etc.This has not happened to me personally, but I have seen it happen in my day job.And the banks never have a good answer.

It had been rehabbed with permits including electrical permits 4 years ago.  

Lighting and electrical ($600)6.

Remember, if this is an older property, you could have unforeseen foundation, plumbing and electrical work needed and that can get expensive. 

This weekend, they came to my place to check on closing an electrical permit (which btw was never closed on a $23,000 project because I had dried PAINT on a couple plate covers) and somehow made their way into my bathroom sink.

My ideal scenario would be to own a small investment company with a partner that holds a few mid-sized rental properties for baseline income, and supplements this with a few high-profit flips every year to help grow the rental portfolio and pay for lifestyle upgrades, vacations, etc.My formal education is an Electrical Design engineer, and for the past 10 years I've worked for large companies designing complex electronic (computer) circuits for things like Medical Devices, LED lighting, etc.

Its crazy what you can get if you put the time and energy into it.