For instance, at today's REIA breakfast, I learned that my state has some of the very stiffest fines/penalties for lead paint liability in the nation.

Have all the alarms you need and be careful with peeling lead paint with children, don't sand lead paint which creates dust for kids, watch for discrimination possibilities and now watch out for companion animals.BTW networking with other local investors can help you stay on top of your game too.Like most on here say, insurance first.

Preliminary projected numbers: Purchase price: $80,000 Loan amount: $77,200P&I: $325Rent: $750NOI: $4500New furnace: ~ $5000New paint: ~ $2000Cash on cash: 6%The repairs kill my initial return but this will be my primary residence for at least a year; am curious if this skews the investment potential in a way I'm not considering.

Correction to House 1: Loan of 100k. 88K at surface value feels like I'm ripping them off.

Before (Guest Bath, Pretty in Pink) After(Ceramic Tile Surround, Tile Floors, Bronze Shower Trim) Before (Master Shower) After20" Porcelain Tile Surround (cut in half, looks like Travertine),Mosaic Tumbled Travertine Tile FloorOil Rubbed Bronze Shower TrimKitchen Backsplash BeforeAfter, Used 4 x 6 Noce for Edges, 10x10 Glass TileBefore, FireplaceAfter, Simple Paint, Trim and Minor Staging.

I'm considering accepting a reduced rent and not enforcing the lease in exchange for assistance in getting the property ready for sale (basic touch ups, paint, small repairs, etc.), always having the property ready for a potential buyer to visit, and moving out as soon as the property is sold.

The 2 bedroom units needs some work but I'm talk a fresh coat of paint.( And maybe windows down the road).

I'm a new owner and trying to come up with budget on what I should fix now or put on the back burners.The building is newly painted but the front and backyard is nothing but dirt.I need a new roof, 2 2 car gargage doors( right now the garage are used as storage and not parking) and the laundry area has only a washer.(4 unit building) I need a new roof which cost 20k or to repair the roof will cost me 4k.

I guess we are lucky as she did give us 30 days, moved out, left small repairs with lots of painting and cleaning still to do.Thanks James for the info overview, and Aron for the web link to Maryland law.Thanks so much,Yvette

Assuming your rehabbing the kitchen and bath, adding a bath, finishing the basement, painting, refinishing floors, etc My rehab cost would be closer to $60k-$65k.