Good AfternoonLet me first start by saying im a first time investor and have begin dipping my feet in to the investment world, I purchased a property near a college that the numbers seem to work and would make a good student rental, I thought that purchasing the home with cash and free and clear would be a good option and to work the refinance for the repairs and upgrade to the home, its not going to take much but there in lies the rub!

When doing seller financing, is the buyer responsible for repairs?

When doing seller financing, is the buyer responsible for repairs?

I’ve been told to ignore the 1% rule, but I’m sticking with it because it makes zero sense  to me to buy something that a) won’t cash flow well and b) is 30 years old and requires conservative repair and capex estimates.

We live in a revters town.If I get these homes I am thinking I can do two things.One if course is to rent them out and from the rent save the taxes,insurance, cap ex, vacancies, and repairs included.

@Russell Brazil There are a lot of nice cars out there that don't break the bank for maintenance and repairs. 

From what I understand, the contractor can inflate the price of the repair and bill it to the insurance company.

Tenant in our area like quality rentals, so make sure its clean and repaired before showing it.I think HELOC is a good way to come up with the 25% down payment. 

This can be a problem if you ever have to do repairs.  

Thank you.The plan is to fix and flip the house which requires about $70,000 in repairs.