I did a walk through with each to make sure they were quoting similar scope and materials, as well as to get a feel for experience, quality, integrity etc.

Three months and a judgment against the property due to its condition later (and us threatening to walk away from the property) we were finally able to close - just one day prior to the county inspector doing a walk through to determine if the property is salvageable or must be condemned.

*I will be doing some repairs (good will, some are "unnecessary" but I like to get things in order to keep a good tenant HAPPY, and to dissolve their concerns about a scary new owner)... so, after the repairs are completed, should I do another walk-through with them in order to have an updated move-in sheet?

If we were to attempt to work out all the details, it wouldn’t be much fun to discuss.Originally posted by J Scott:The OP wasn't discussing (as far as I could tell) debt-free investing versus borrowing.

Frank Luongo,Do you mind sharing details?

If that makes sense...........I've written lots of long posts to this effect...without going into again in detail, I'll just agree with Wayne

That's basically why.Now for some details.

I'll know more on Monday after the contractors walk through the building.

It is:Gross rents x 50% = Cash Flow before debt service (the 50% includes taxes, insurance, property management, utilities paid for by owner, maintenance, vacancies, etc).Once you have that number, subtract your debt service payment (principal and interest), and you will have the cash flow.Without the actual rents or your loan details, it's hard to provide an accurate example.

Without knowing all the coverage details, that seems extremely high to me as well.