Then take out 5% of gross rents for CapEx repairs and 5% for vacancy/non-payers. 

The sooner I can get out of this cubicle the better.Now that I have summarized my situation let's look at the numbers...Purchase Price: $207,000Equity: $104,000Monthly rent: $1300Monthly expenses: $1229.54 (This includes P&I, taxes, Estimates for vacancy and repairs, insurance, & property management 10% ...

Those are still cash flow assets, but I don't think the bank will let me refinance on anything appraised less then 60k.Anyways it's all a work in progress, I called local Property Managers to ask them what rent is for a 2/1 | 3/1, vacancies rates, if they charge a flat fee or rent based %, few other questions.I'm getting an idea of what is in my area and what I should be focused on first.Yeah the real estate agent bought a fixer for 120k, put some work in sold 235k after he posted it on Facebook had someone call with offers that night.I have plenty of cash for buying/repairing, Cash is King he said and asked if I wanted to be a money lender that the return was "ok", but there would be no equity and build up.Yeah, my goal is to collect as many doors as I can and have $100-200 of ROI I'm shooting for appreciation and being able to pull my original money back out.

If they don’t pay you can put a mechanic lien on there Home.Agreement I say, you front rehab cost and get paid after Home is sold or set cost for repair.

How long does your property manager take to complete inspections and repairs after a tenant has moved out? 

But, usually, the repairs that can be deducted have higher tax benefit than from the deduction of the basis depreciation. 

I know there are something that I need to consider such as emergency repairs, vacancies, and etc.

From my understanding, they will cover 75% of purchase price (25% down payment from buyer) and 75% of rehab costs (up to 75% ARV as you mention), so it would require a larger cash reserve to cover those repairs, which is why I decided to go with another HML for the time being.Looks great though!

Hopefully, you already asked to see the following items:- lease agreements (look for: special maintenance clauses and what items the tenant is responsible for repairing if any, late fee dues and dates, security and extra deposits, what the owner pays vs what the tenant pays for utilities, landscaping, pest control, etc)- payment ledger- notices given (if any)- copies of annual inspection reports- Estoppel Certificates (show rent, amount of security deposit) if you do not have an agreementYou will need the current property management company to also provide you with current tenant contact information, keys to the unit, and any paperwork listed above.

Before we finalized the offer on the properties, we ran out a 3 year capital expense plan to account for improving the properties that need it, either with deferred repairs or value add improvements.