I didn't want to keep coming back to the site so I created a Google Doc and a Google Form to help speed up the analyzing process.From what I gathered it looks like knowing the following items will help: PURCHASE AND LOANpurchase price, closing cost (2.5%), down payment (20%), annual property value growth (appreciation at 2%), loan amount, interest rate, points charged, and loan term.INCOMEgross monthly incomeMONTHLY EXPENSESproperty taxes, insurance, repairs & maintenance (5%), vacancy (3%), capital expenditures (5%), and management fees (7-10%) From there I calculate the total income, total expenses, and the mortgage.

A couple items to keep in mind when looking: - Only some areas of town allow short term rentals due to the zoning.

The listing shall include the name of the material supplier and/or sub-contractor, amount of payment, payee address , corresponding cost break down line item number.

It is an "equitable right" of EITHER party when damages will not be good enough (inadequate) or the item is unique.

If you update most of the items during the rehab, you should have at least a few years with no/minimal repairs or capex expenses. 

@Ryan LinskeyThis specific item is not common, but service providers can charge itemized fees for pretty much anything if they wish.

The first is a two family complete gut and replace and the second is a single family home the requires a less extensive rehab but still some major items.

Action items are easy.It is the planning and setting things up is 80% of the time.

Some items such as your risk exposure, comfort with risk, wealth may play a role if you get an LLC or not.

If you did an inspection on it, some of those should have come out but you should look at the bigger items (roof, furnace, flooring, bathroom, kitchen) and see if those are in fair condition, at least to get you started.