Then, I make the repairs and rent the property.

That's OK I'm a degreed accountant and I don't do cost recovery and lifo is some kind of surgical procedure I think!

I see a lot of Single family advertise as 10% cap rate but once you take into account insurance/ Capex for future repair etc i think it is closer to 6%/7%.Whereas for a condo I don't see the  expenses to add up and deteriorate the cap rate to 7%.

I can hit my numbers with a 47k purchase price assuming around 8-10k in repairs if any of the above mentioned are issues.

And because we got in early, we had done extensive evaluation of repair costs and were able to make a strong offer with no contingencies. 

I was thinking that some of the monthly gross would be held in the LLC's name to cover repairs and other expenses (please tell me if this isn't normal).

Eviction notice (i.e. the 14-day notice) if rent is not received by pickup time on the first (and have it written into the contract that this is the standard procedure).I should say: I rent rooms with individual contracts to students in a shared house-- not apartments.

the last buyer bought it for 232K 7 month ago. he did minimum repair or update to half the units

You might want to check those numbers to make sure that's what you're looking forJust a back of the napkin calc shows that your month net operating income might be almost zero  Asking price $135000 Monthly payment  ~$1600 Monthly income  $1800 Water  $80 Repairs  $100   Total expenses  $1780 Total monthly NOI  $20   Keep in mind that $100 for repairs a month is probably a low estimate and the monthly payment of $1600 includes taxes, insurance, principal and interest.

Specific repair projects and supplies, maintenance that are property specific are listed on the Schedule E for each respective property.