What are the other cost involved beside the development cost.Any help would be appreciatedThanks

You are kind of late to the party.

Your purchase price should maybe be +/- $2000 from the appraisal price, but typically you should pay the appraisal value.Everything should be in-house - rehab work, management, etc - a turnkey company shouldn't be making you sign a contract for a third party management company because then they aren't really accountable to you long-term, the PM is.Beware of scarcity or scare tactics in sales.

Rental rates are through the roof right now, so a buy and hold on this type of property is a rather sound strategy... even if using a third party management company. 

I've been wondering the same thing myself a lot lately but the nice part is that if you can keep that low, you can pull your money out for another property!

I wonder though if anyone has any advice on how to get into rental properties and make it fair for all parties involved. 

Notify both parties, the less money supplied by bankers or mortgage institute or even private lenders make selling a property more challenging than before.

This would indicate 2 contracts between these two parties.

Excited to get involved, learn more, and do my best to help those in the community.

At this point, the goal is to deal with the person, who is handling the transaction and try to get out whole. glad to see my guess of 5k was about right.. that's what I have personally seen on the short sales I have been involved with.. never really seen more than that.. just hoping she only paid pennies on the dollar and is not in that deal like 15 to 25k.. if that's the case I think she is going to lose some dough.