Renter just left . 5k to make rent ready for 1100 (1) 2 bedroom rents for 700Building 5 (2) 2 bedroom units.

Renter just left . 5k to make rent ready for 1100 (1) 2 bedroom rents for 700Building 5 (2) 2 bedroom units.

If it’s not urgent then it can wait a day or two for one of your schedules to align which is what we have to deal with when we self manage vs hiring it out so that either you or the tenant is home

If I choose to not renew and there are damages or he doesn't pay his last few months (he has about 3 months left) what are the simplest actions to take to collect the rent owed or money for damages?

With ARV at 135,000 at a maximum loan of 70%, you can borrow up to 101,250 which means, in this scenario, you could get the 85% of acquisition and 100% of rehab, i.e. total loan amount of 83,750 with an initial release at close of escrow at 63,750 which is 85% of acquisition, and, the rehab holdback of 20,000.15% of the 75,000 acquisition down is 11,250 and closing costs are likely ~3,000 so you initially need ~15,000 to closeAfter close, a prudent hard money lender will require reimbursement style draws which means you must first complete at least phase one of improvement/rehab to the property before drawing down on the rehab hold of 20,000.With only ~5,000 left over after close, you don't have much room for soft costs like utilities, nor much room to get the rehab started, nor much room for the monthly debt.

Home inspectors will tell you something is at end of expected life, but that doesn't mean there is not more life left.3.

If I haven't painted a picture you can understand, ask the questions I left open and I'll do my best to answer them.

If you know the roof is old, but still has a few years left, you budget that amount in year 3 or 4.  

(Leaving me with enough credit to complete the rehab) I understand that the goal of the brrrr method is to have the ARV higher than the initial cost of the property, rehab, and all other closing costs in order to refinance which will pay back the line of credit left with just a mortgage that the tenant is now paying.Is it that simple?

What's left over is your profit.