What does it cost a family of 4 to go to Disney for a week?   

I will spec materials/colors/repair method when I feel it needs to be done a certain way or I want something different/special.  

Thus, it does little good to garner high cash flow from these rentals only to spend it in higher maintenance, management, and legal costs.

So many new investors that live in high cost of living areas look to the midwest or other cheap areas to invest. 

Find Brandon's videos on YouTube for the "four square" method of analyzing homes and practice.

This is especially true if the property requires significant upkeep or if the heirs live far away.Owners of Distressed PropertiesSellers who own homes in poor condition and can't afford the necessary repairs may prefer to sell as-is rather than invest time and money into renovations.Landlords with Problematic TenantsLandlords who have been dealing with problematic tenants, frequent vacancies, or costly property damage might want to offload the property quickly to cut their losses and avoid further hassles.Owners Facing Major Life ChangesSignificant life changes, such as health issues, retirement, or downsizing, can motivate people to sell their property quickly.

I knew that I could probably cover these cost on a sub 185k home, but that still left closing cost and other unknown expenses to come.

When trying to do the deal analysis on my current property, it’s asking for the purchasing and closing costs.

You will also have closing costs. 

If after the repairs were done, I would be asking my attorney if I can recover some of those costs.