If the work is not 100% complete by the end of the Escrow period, loan may implement a .50% (on total loan balance) extension fee that will cover an additional construction term of 60 days.

Again, a rental agent will be helpful in knowing current prices, paying a half or full fee to get them to screen and place a tenant would have the additional benefit of having this conversation with them to gauge your market.Ultimately since you have some flexibility of schedule and funds I would say do your first live-in upgrade from existing funds and get the other units rented closer to full market rate.

However I need to pay them $250 upfront as the app fee.

BUT, be sure there aren’t other fees and such tacked on that you don’t expect.

Also would like some advice on wether I should sell my condo or rent it out, it’s in Hawaii had it since March 2017 for 371000 but after all fees and such it ended up being 377000 at 4% using the VA loan.

Here are some preliminary numbers I ran: 260K FHA no repairs and current rents on left, 300K 203K, reno and higher rents on right: % Down Payment 5.00% 5.00% Down Payment $13,000 $15,000 Remainder of closing costs $3,000.00 $3,000.00 Total Due at Signing $16,000 $18,000            Mortgage Rate 4.60% 4.60% Length of Mortgage in years 30 30 Monthly Mortgage payment $1,266.00 $1,461.00 Taxes $386.00 $445.00 Sewer and Water $50.00 $50.00 Trash $50.00 $50.00 Heat/Utilities $ - $ - PMI $ 180.00 $ 208.00 Cap Ex and Ops $200.00 $200.00 Insurance $65.00 $75.00 Mgmt Fee $165.00 $165.00 Vacancy $132.00 $132.00 Total Expenses $2,494.00 $2,786.00     Unit 1 $500.00 $700.00 Unit 2 $900.00 $1,100.00     Total Revenue $1,400.00 $1,800.00     Cashflow/month ($1,094.00) ($986.00) Cashflow/year ($13,128.00) ($11,832.00) Cash on Cash Return -8.42% -6.57% I have not talked with the seller in detail yet, as I want to see if this is worth a deeper dive first. 

Understand the fees involved and calculate the total cost for an entire year of management so you can compare the different managers.

Just seems like a lot of money to pay in fees which don’t go to the principal. 

You may also be responsible for additional fees and costs associated with the tax lien certificate sale.

My LLC is in Virginia and I invest in about 10 states and register my LLC in each of thoseTypically what they require is a letter of good standing from your “home state” - a fee and you have to have a registered agent in that state.