To get an accurate (probably high) estimate of the per month capex costs over the twenty year period that we plan to hold the property I went through everything in the house (using @J Scott book) that will likely need to be replaced one or more times prior to reselling the home.

I know this is an old thread but it helped me so I figured I would post this for the sake of forum posterity-Here's the actual law:http://www.justice.gov/crt/fair-housing-act-2Here's the text pertinent to the exclusions: (b)Nothing in section 804 of this title (other than subsection (c)) shall apply to-- (1) any single-family house sold or rented by an owner: Provided, That such private individual owner does not own more than three such single-family houses at any one time: Provided further, That in the case of the sale of any such single-family house by a private individual owner not residing in such house at the time of such sale or who was not the most recent resident of such house prior to such sale, the exemption granted by this subsection shall apply only with respect to one such sale within any twenty-four month period: Provided further, That such bona fide private individual owner does not own any interest in, nor is there owned or reserved on his behalf, under any express or voluntary agreement, title to or any right to all or a portion of the proceeds from the sale or rental of, more than three such single-family houses at any one time: Provided further, That after December 31, 1969, the sale or rental of any such single-family house shall be excepted from the application of this subchapter only if such house is sold or rented (A) without the use in any manner of the sales or rental facilities or the sales or rental services of any real estate broker, agent, or salesman, or of such facilities or services of any person in the business of selling or renting dwellings, or of any employee or agent of any such broker, agent, salesman, or person and (B) without the publication, posting or mailing, after notice, of any advertisement or written notice in violation of section 804(c) of this title; but nothing in this proviso shall prohibit the use of attorneys, escrow agents, abstractors, title companies, and other such professional assistance as necessary to perfect or transfer the title, or (2)rooms or units in dwellings containing living quarters occupied or intended to be occupied by no more than four families living independently of each other, if the owner actually maintains and occupies one of such living quarters as his residence.

TIME OF COMPLETION The undersigned agrees, if awarded the contract, to execute and construct the entire work complete and ready for use within twenty six (26) calendar days, beginning June 8, 2015.

I made twenty grand on that deal.

People may worry about hyperinflation but deflation has been the concern of the Fed.The US did the same thing as China did in the last 15 years to grow out industrial base during the roaring 20s.

I have lived in southern California for the past six years, and before that I spent the last twenty years in Kansas City.

Twenty five years later we have done Flips, Vacation Rentals, Rentals, Land Acquisition & Development.  

I am in my late twenties, previously I was in investment banking and recently just bought into my first franchise.

Any rental I own for twenty years will each need a new roof and furnace at some point, whether it's now or ten years from now. 

Howdy,I am mid-twenty Mechanical Engineer by day, but a hobby personal finance blogger by night.