and now they're looking to rehab and sell it using the $96,360 that's being raised through Groundfloor?

None of the promised rehab was completed.

I know many investors want to see the 2% rule, but in this area, I'm not sure that is reasonable unless my first property was one in desperate need of rehab.

., you'll have to deal with expensive repairs while hoping your home's appreciation will come out positive.If the market corrects and you have to hold on to the property longer, you could be losing money from having to handle repairs while you wait for the home price to go up.Forced appreciation through rehab is your way to minimize these unexpected costs, not speculative appreciation.

Here's the breakdown for those who are wondering;House purchased at 140k with 20% down (28k)Rehab/Repair costs:  $3100 of my own cash, $2100  (paid to me at closing) to the painter from sellers for the remainder of the exterior paint job  PITI Payment:  $861.00Rent: $1570.00What does everyone think for my first investment? 

Use a 203k loan to fund the purchase and rehab.

It most likely needs a some rehab work for someone to make it a good SFH again.

I got the call… My handyman calls to let me know that one of our vacant properties that we were rehabbing at the time had the pipes burst.

We raised that portion of the funds through a partnership in which we gave equity & share of the cash flow away in exchange for the rehab money.

From what I can tell, there is a HUGE gap in what a property management company states their suppose to do vs what is actually done (when considering some of the previous comments in this thread).If you already have a notice to vacate given to the tenant, and if you know their new address, I would give them an abandoned property notice that states you'll be storing belongings for 30 days (I think it gives a 5 day leanway between the notice and when you'll start storing) at their new address, requiring a signature on delivery.