I wanted to reiterate the need for taking lessons on finial and real estate needs to go on for the rest of your life.Track everything you do and review it on regular basis and by reviewing these numbers will help you possibly on reducing expense and maybe even increase income.  

We could have reduced the negative of the project by keep the budget of rehab ultra low or just selling out of the project but we went over budget on the rehab by adding a new bathroom and converting a room into a bedroom.

You can require the applicant confirms the showing an hour before or text them an hour before to confirm. we've all been stood up before and this happens to all landlords but you can ensure your not wasting your time by confirming before you go out there and scheduling them all within 10-15 minute increments within a specific 30-60 minute timeframe. dont forget to ask pre-screening questions.there is a section on how to pre-screen below and shows your minimum applicant criteria that you share over the phone, this will help you reduce wasting yours and applicants time:https://www.biggerpockets.com/renewsblog/2013/01/2...good pre-screening questions to ask:http://www.tenantscreeningblog.com/tenant-screenin...

By working with the right turn key company, you can reduce your risk since you're not managing the rehab which is the most difficult part, especially if you're out of state.

I would find out why they want to sell and the more motivated they are to sell, the more likely you will be able to reduce the price.

I don't want the bulk of the rental payments to be considered as my personal income, so I'd like to set up a structure and strategy to support that.  

It's located on Theda Avenue in MemphisPurchase is 53k (was 56k but all cash got reduced)3 bdrm, 1 bath projected rental is $750Top to bottom remodel (Room, HVAC, Furnace, Outlets, fixtures, Floor, paint, toilets showers, cabinets)My questions are:Is it better to pay higher for a house (80k to 110k) for higher rent and better area and lower Cap Rate?

It's located on Theda Avenue in MemphisPurchase is 53k (was 56k but all cash got reduced) and will refinance later3 bdrm, 1 bath projected rental is $750Top to bottom remodel (Room, HVAC, Furnace, Outlets, fixtures, Floor, paint, toilets showers, cabinets)My questions are:Is it better to pay higher for a house (80k to 110k) for higher rent and better area and lower Cap Rate?

Our property (a triplex) is rent ready and we are trying to reduce our holding costs.  

This can take a few weeks.The hardship takes 1 of 4 forms: loss of income, reduced income, medical, forced move due to job.