Hi BP!  I hope everyone is well.  After listening to numerous BP podcasts over the past several months, I felt it was time for me to jump in and become an active member of the site.  I am looking to purchase my first ...

If things turn out well, happy days; if things end up costing more, at least you have budgeted for them and it is not a surpriseCongratulations on your first RE investment

If your just getting started, get someone experienced in RE accounting, set you on the right path, and if you decide to try it on your own later on, at least you started off right.As to real estate taxes and insurance, I assume you're on cash basis accounting, so I would deduct the entire amount.

The inside gas re-routing cost will heavily depend on how accessible the existing lines are and the configuration of your unit(s). 

Going to clean it up for now and re-caulk and then look at some tile options. 

Jim Goebel great advice re: just using your own name.

It looks like you have a well aligned set of attributes all contributing to your RE success, only furthering my belief on building the right team. 

Foundation is great but it turns out roof is leaking even thought it was done in 2011, pulled my offer and talked to the owners who said he'd do the work and will call me again, he's also going to deal with other annoying stuff (re-do all 4 electrical panels, insulate windows, insulate the roof too).If he really does all of this and does it great my next offer will have no conditions and we will go forward.

Request the tenants leave, flip to 3 bedroom, and rent to new tenants at $986If I convert from  2 BR to a 3 BR, I've calculated a payback period of 2.3 years... here's the high-level of how I came to that number:Annual Opportunity Cost:3 BR vs 2 BR Rent = $2,790My Time (expect less needy tenants) = $1,183TOTAL OPPT COST= $3,973 <-- This is a favorable numberCost to get unit ready as 3 BRTotal to flip = $7,551 (includes paint, new floors, converting basement to bedroom, etc)  2 Months lost rent = $1,510 TOTAL UPFRONT COSTS $9,061 <-- This is an unfavorable numberPayback Period =  $9,061 / $3,973 = 2.3 years (Note if I'm conservative in my nubers, this becomes 3 years)Couple more things to note, they're set up on re-occurring payments and have not missed a payment.

I’ve always done some other business or RE deal with a person before i engaged in a wholesale deal with them.