They are minimal, the previous owner owned a hardware store close by and has kept everything updated and has updated carpets, paint, doors, bathroom flooring, etc.

I have been looking at the market here in the west coast and the numbers for cash flow is minimal.

My apologies for the delayed response.

I don't want to delay this closing as the roof is leaking and I don't want it to cause any more damage.  

To minimize future headaches, I would like to have someone I can refer to and work with to make sure everything is set up correctly as my business expands. 

Investments have a value that can be sold, I don't see the arbitrage as a sellable asset.Bottomline is that there are plenty of operators making money doing this and it requires minimal startup costs (~15K for furnishings) for the operating business.Overall, I see this business model as high risk for the following reasons:1.

What you may need to be aware, in terms of budgeting, is that typically 401k will only allow you borrow up to 50% of your vested balance, so in your case of 10k balance, you may only be allowed to take out 5k, with some minimal fees and all that, you should consider if that is still a viable option for your situation.

But you can definitely find them in decent areas in the 20k range with minimal work needed.

I see no value in turnkey unless you are ok with minimal cash flow and appreciation.

Have anyone done the following: Buy property with cash, refi through the delayed financing program (Fannie's) with followed quitclaim to LLC?