I focused on the potential income I could add and if I could keep the expenses around a certain percentage of income, then I had enough meat on the bones to make the dealAsset RepositioningAfter closing, one of my first moves was to let go of the current property management as they didn’t align well with my vision, my plan and my execution strategy.

The lowest amount they had listed was $1000 for a marketing budget, which would put me at $1500/month instead of $1000.

What I liked most was they locked me at 3.125% for a 15 year fixed on my rental property (prevailing rate last Oct) but we ended up getting delayed multiple times through no fault of theirs. 

After running the numbers through my spreadsheet, using all the BP metrics, there is still meat-on-the bone for a long-term rental after some of these are rehabbed.

My last rehab I took a chance on a young contractor that is working towards his license and he did above par work for me at a fair price. 

Timing is tricky for me at this time of year, because I tend to get busy making maple syrup.

All it cost me at settlement was transfer taxes and title insurance.Of course the only reason this worked was because I was his tenant for 15 years and he knew I was worth the risk.

Next time you see me at a meeting, I'll be glad to help with more details.

Depends who's office at the bank you are in, on the residential side yes, usually there will be seasoning requirements, BUT, on the Commercial side, I can go to The Sheriff Sale, buy a property for say $30K that is worth $80K, pay for it in cash,  walk over to my banker, drop the deed on his desk, and he will finance me at 80% of the $80K immediately, but it will be a 3 or 5 year ARM amm'ed at 15 or 20 years. not all banks will do this, but most small community bank generally will. 

Those who found deals recently likely don't meat 1% rule.However, MLS or similar sites are good tools to use.