One cost to consider is downtime.

The biggest drawback I am having is calculating cost for repairs & finding a reputable contractor for a fair price - I know nothing about renovations right now.  

If you want details on STeadily and our agent who is first rate, feel free to message us . . . we have used them for move-in ready properties through complete rehab properties (from rehab thru renting to tenants).

I don’t see how you wouldn’t sell for $1M (let’s say net after all selling costs, because that’s how you have to repurchase.

Feel free to connect with me if I can help with anything!

In an example like that waiving some late fees to avoid eviction costs, additional nonpayment until eviction, turnover/vacancy costs is well worth considering.

There are lots of scenarios where you can lose money at a foreclosure auction - usually because the sale price plus rehab and future sale costs are driven above the after repair value.

You likely need a much larger volume in lower cost areas to make the same money.  

Do I include closing costs even if those included several months HOA fees in advance and same for taxes?

Hi, I have a rental house in McKinney free and clear (without mortgage).