Our orignal agreement states that I'm responsible for repairs simply because I didn't want them breaking something then going out and paying for it themselves to in-turn try to negoitate rent for repairs.

Acquisition cost, plus repair/rehab cost of 70% is at the TOP END.Keep looking, keep your cash dry so you can pounce on the deals that do come up.

Whenever I tell a Realtor what I want, the so called "deals" they find are at market value...of if they're below, the price of the repairs will take it up to or past market value...hence, no profit.If I have them find me a rental, they always show me a negative or barely break even situation, and I have to explain that I'm looking for 1.5-2 percent of the sales price gross monthly income.

Listings, photos of homes & repairs, setting appointments, contractors bids, etc get all done through email or fax.

U bet, 8) I've spent the last 5 years cultivating a portfolio of private lenders for virtually any scenario(loan) You could possibly need, including but not limited to 80% ARV(after repaired value), NOT Purchase Price, Purchases at 80% of APPRAISED Value(not purchase price), 80% of Appraised Value Cash Out Re-Finances, & most closings occur w/i 48 hours.

If you are including appliances in your rental and one of them breaks you have to repair or replace it.

The problem is that there is no incentive to make repairs and improvements to many units since such cash outlays will never justify higher rents, but it would improve equities and future market values.I really like seeing existing buildings being renovated and updated for affordable housing, especially for mixed use.

They did, on the same policy, replace a 15 yo dishwasher because repair would have been more than the cost of the new one, and they did pay for the repair of a leaky water valve.

I decided to go with the condo route because some of the repairs are incorporated with the condo fees.

The only draw back was it had an old octopus furnance system in the basement which, at the time was functioning well and needed no immediate repair.