DASHBOARD UPGRADE NOTICEWe just added a few cool new features to the already cool DASHBOARD.If you look to the top right of the dashboard, below your NOTIFICATIONS, you'll see that you can now easily track all saved content on the site.So, if you're following a conversation on the forums, or if you've saved an article, bulletin, property, or blog post, you can now to track all of these in an easy-to-find spot, "My Saved Stuff".

But if I'm going to fix it right, I am going to separate myself from the neighbor (found out from the City that a new hook up site is easily accessible).I also found out at our shared sewer line is on MY PROPERTY and I can't find any recording of a sewer easement.

I then was able to get a conventional loan easily and I got the rental house that would give a positive cash flow each month that I could not get with my small income, from the banks stand-of-view.We were both happy, a win-win deal.

And when handling a situation like that as a PM, you can easily take the emotion out of it for the tenants when they don't believe they're talking to the owner.

Once you have answers to some of these questions, then the decision to use/pay for a mentor will be easily answered and the type of knowledge you really need from them will also come out of this. 

The property is a 3/2.5 that needs moderate rehab; can easily add a fourth bedroom and turn the half bath into a third full, update the kitchen and bathrooms, move the laundry from the kitchen to a dedicated laundry room, throw up some paint and other cosmetic stuff.

With a project cost of $850k ($700k purchase plus $150k rehab) at 81% of the $1.05M ARV you are approaching a break-even deal at best.Since many on this board don't like rules of thumb, here's a detailed profit and loss estimate based on your numbers, a more realistic six-month turnaround, and typical hard money rates in LA right now.Assuming perfect planning, you will earn about $62k or 6% of the ARV, which is way too low and easily eaten up by a small rehab overage, construction delay, or a fair counteroffer of even $1.00M.

For 225k, you could easily get a brand new home 2000+ sf with nice amenities.

In addition to getting lots of fresh air and exercise,  You can much more easily dive down alleys and dead ends and quickly pull a U turn to go look at that algae-covered FSBO sign in the bushes.   

Its plenty safe, but would not be my first choice to live in.Here are the numbers:Potential offer price $70k20% down = $14k + $2k cc= $16kRent: currently rented at $1000/mo but the market should easily support $1,100Vacancy: 8% = $88/ moInsurance: $500/yr = $42/moTaxes: $2850/yr = $238R&M: $88/mo????