The money making upgrades are kitchens, at least 1 nice bathroom, AC, modern windows, and paint.

If you give the tenant the option to drop-off check at a business location with hours and they choose to mail, then that's the risk the tenants take and the judge will take your side.

Credit isn't as important if your interested in creative financing techniques, I would highly recommend spending that money on more advanced education and or marketing depending on which strategy you end up choosing.

It needs exterior paint, interior paint which I plan on doing myself.

Justin, you will get a lot of good advice here, but beware of the local ordinaces concerning eviction should you choose to go the lease route.There have been a few cases where the eviction courts have refused to hear an eviction case because of that lease agreement.

Wondering if an oil based paint would just soak in.Thanks, Rich

I have a property thats worth $211,950 but is in need of a few repairs such as New Paint, Needs a Stove, A/C, Windows, Needs new Cabinets and maybe some doors replaced.

That is just not the reality and if you choose to ignore the other expenses, they will bite you smack in the face once you own it and then the reality will set in that you overpayed.Using the most liberal operating expense ratio possible (37%), your annual NOI is $128,520 and at a 10 cap, makes your best offer $1.285 million (which I would not pay that much personally as I believe you would be overpaying)

Light fixer that doesn't look too bad, so figure $2K in paint and repair worst case.

@Andrew C.While I think it’s interesting you are choosing to go this route and throw dIrt on my name and company, to each thier own.