This place is a community that continues to impress.So when I finally got to looking at my first buy I figured I would try to utilize all of your experiences for my own selfish use.

I won the bid on the house with an escalation clause at $390K - My monthly payment will be 2,295.12 + 250 for utilities.

Numbers :)303k purchase365 sale leaves you with 62k- realtor at 6% of sale = $40,100- closing costs at ~5k = $35,100- renovation at 8k (suspect) = $27,100- taxes @ 500/month for 4 months = $25,100- insurance @$150/month = $24,500- mortgage payment @$1200/month (20% down, 4.25%) = $19,700- utilities @ $250/month = $18,700Skinny deal.  

Who is paying utilities?  

As a buyer, I need to know what I can build thereI also want to know about utilities, are they availible at the property. 

I could also use this house as a rental, PITI is lower than some luxury car payments and rent for smaller homes in the area go for $2,000 to $2,500 per month.

This was the first purchase we made, and as of now, we consider this a success.Purchase Price: $69,000Closing Costs: $3,200Rehab Budget: $55,000Actual Rehab: $94,000Carrying costs (utilities and grass cutting): $500Total Investment: $163,500ARV: $ 205,000Cash-out: $ 147,000 (after finance closing costs)Total Cash Invested: $ 16,500Rent: $1595/moWe found this VA foreclosure on the MLS in March 2014, with a list price of $89,000.

At a minimum you'll need to make sure the tenants are paying ALL the utilities if you want to make any money.REI is a good thing.  

Anything else you can think of is paid for (I live rent free, all utilities covered, vehicle free, etc).  

Account Closed prior to it being highly suspect and illegal here on the West coast IE equity skimming laws I did quite a bit of pre foreclosure rent back work... the deals were almost always made the day before the sale... and it was a mad scramble to get a cashiers check to the trustee.. we would hire couriers to hand deliver.. those in denial waited until they just could not deny anymore.. if we got one two days before that was a luxury.