The service period when it’s ready for renting, not necessarily when you get the first tenant to move in.Lookup your assessed value.

That alone requires you to understand a lot of things: 1. assessing property 2.

@Adriel HsuI guess you and your partner have done sufficient market analysis to determine that people will be willing to pay the price of a 3/2 for a 2/2 if the latter comes with a desirable 150-200 sq ft backyard, even when it has garage space for only 1 car and is not located in Montrose, Heights, or Midtown.Perhaps your partner thinks this type of house will sell for 275k in the said location only in seller’s market - seems like a reasonable assessment.

Have you already performed a mold test to assess the current level of infestation?

What is the town assessment compared to FMV?

The state has no income tax so property tax is assessed every year especially for out of state owners.

Jump forward im about to close on Tuesday.The house was assessed for the mortgage at 500k and was told by my agent and my own research that the house could be assessed after renovations at around 600k. 

We've done a lot (and spent a lot, including a $57k assessment for each condo owner) to the complex to improve it and I don't want to go backwards. 

1 - Finding and underwriting the deal (Are you email lists of brokers who mail you deals every now and then and if so what makes a deal worth pursuing does the broker send the property’s financials you just plug into excel and if it looks good you tour the property and how)2 - Touring the property (How long do you take to tour the property maybe a week and what do you look for, damages, do you speak to tenants to assess them or ask what they pay in rent, do you look at any improvements that may need to be made?)

I would agree with @Ian Boyd and his assessment of Billings, Great Falls, and Butte are all easier investments to get into, but Great Falls will offer you the most cash flow.