I've budgeted for between $12k-$15k in deferred maintenance issues to address over time following a purchase.The current landlords do not appear to be the quintessential buy and hold RE investor, as it seems this property was rental that was acquired via an inheritance.

So you choose housing that fits your needs and your budget.

Based on the market for a solid starting point Im looking at around total budget of $40-45k to purchase and rehab a place that puts out about $550 per unit at $1100/month.I would be paying cash, yearly taxes vary from $1800-$3000/year.

Based on the market for a solid starting point Im looking at around total budget of $40-45k to purchase and rehab a place that puts out about $550 per unit at $1100/month.I would be paying cash, yearly taxes vary from $1800-$3000/year.

It's a 44yr-old building, so I would allow 10% maintenance and plan on a separate CAPEx budget.

Let's put it this way, there is nothing in a deed of trust that can't be adopted in a partnership agreement.There is nothing in a note that can't be agreed to in a partnership agreement.You will likely be held to principal and interest only being secured my any loan arrangement, you can do the same thing in a partnership agreement.A lender can't force a sale (besides through foreclosure) nor demand a property to be sold at or above a certain price, partners or owners can.I had a few borrowers that I wish I could have fired, going over budget requiring more money to be poured in to save a project due to screw up, but as an owner or controlling manager I can fire a partner, make him go sit in a corner so to speak and if I go over budget, it's my fault since I have the purse strings.

Sidewalk shoveling is at the same rate as the truck . ( the truck is there ) .

You annual budget is a good one so use it wisely.

I'm currently working with a realtor to find me a property that fits my budget

I agree with @Aaron Montague Get all your potential costs together and budget over a fixed time for those potential events (Water heater, Roof) never mind using percentages.