You could also use Craigslist/Facebook/garage sales to "flip" things like appliances and other home improvement items.

.- I am no expert on rehab, but here is my best try:- Upstairs: clean/paint walls, paint cabinets, remove carpet in living room & refinish hardwood: $10,000; new window trim: $500- Basement: minor mold remediation: $1,500- Exterior: damage to wood panels above front porch: $500; landscaping: $1,500- CapEx: roof: $8,000; furnace: $3,000- Appliances: refrigerator: $800; microwave: $200; dishwasher: $400; W&D: $600- Miscellaneous: clean-up, etc: $3,000- Total: $30,000Now, let's say I pay full price at $40,000 w/ 25% ($10,000) down.

Keep in mind that a proforma (that you created above) is meant to act as an income statement and showe recurring expenses not Capex type expenses (so closing fees, new appliances, etc wouldn'tbe included) What your going to want to do is make 2 different sheets. 1 call sources and uses (or S&U) where you essentially outline where the money is coming from and what it will be used for.

I think my houses are nice, but very basic (refinished hardwood floors, central heat & air, white appliances, sometimes but not always new fixtures, laminate counters), and my rents edge just above average.

(Built-in appliances are already covered)As mentioned above, if you choose to title the properties under your own name, you will want the insurance in your name.

-Does it make sense to do some minor things like paint, carpet, appliances, vanities, and switch the fuses for breakers before just putting it back on the market?

have not had to do this, but why not try and call an appliance repair place or air conditioning contractor and see if they can remove the refrigerant ?

This being a condo, the sizable condo fees should at least take care of bigger issues in the long run like roof / exterior, so we're mostly expecting the occasional appliance/AC problem only.We're hoping to time turnover to be in the summer, where we can combine fixing things up and showing the place with a little vacation for ourselves, so we can actually get some benefit from the vacancy.In summary, I think the numbers don't look great compared to what a real investment should bring -- part of the reason being that a relatively large amount of money is tied up in it -- but I think it looks like we should at least break even and I'm actually hoping to make some money off of it in the long run, and gain some experience to get into some real buy-and-hold investing.

@Weis Sherdel If it doesn't come with appliances, I would not consider that "Turnkey".  

Always have your      forms adapted for your own property and examined by a qualified, licensed      attorney to ensure compliance with all laws applicable to your rentals.3) Create or purchase a document titled "Demonstrations of Appliance & Property Use"    On check-in day, demo the use of *everything, and I mean everything (only takes about    20 minutes) in the rental.