I hope to be able to acquire a few more buy and hold items, ideally fixer uppers around me because I love learning and trying things around the house!

I also don't know the comps out there - if this thing needs 10K to make nice and someone can sell it for 50K then that's not a bad story to resell it to someone.It will probably take a special investor if it's in the shape you mention - need more info to really know, but the items you mentioned can be fixed for under 5K with the right help.  

Current Numbers:Purchased for 95k in 2005Note Balance $59,830.20Rate 5.75% 30 yr fixedMonthly Payment P/I $675.35Rent $1000.00Cash Out Refinance NumbersCash Out $13,885.73 + about $1500 from our escrow accountDebt to be paid off $60,000.00Est Prepaid Items/Reserves $2160.27Est Closing Costs $3289.00Loan $78,750 15 yr fixedRate 4.5%Monthly Payment P/I $831.09Rent $ 1000.00Rough Numbers If I SoldSell Price 110kLoan Payoff 60KCommissions/Closing costs 8kCash to buy a better deal 42KSo based on all this, what are your thoughts BP?!  

New buyer will buy property as main residency.The way I understand FIRPTA : Escrow company will withhold 15% of sell price of 100k which is 15k. at the end of closing on Sep 2016 I will receive 85k instead of 100k. for sake of argument I am not including other closing cost items here.

If so, have the seller or closing agent get the HUD from the transaction that paid it off and request an Indemnity for the item.

With good screening and some luck you can minimise rental losses, and if you only buy good units in good condition you get a better tenant.

@Joseph PuglieseYeah, whether you should take the standard deduction or itemized deductions is going to be different for everything situation.

There are a lot of specific items that they need to know in the process, and the form is long and detailed.Minimums and maximums change all the time.  

@Stanley Kong  There are disclaimers on listings.. any item on a listing is subject to second party verification.I really like the big bold one on the Charleston SC MLS system" if square footage is important measure"  this clearly denotes sq. ft. is estimated if you want it exact you need to do your own measuringIn the foreclosure or distressed asset business some of the best deals are when the bank or seller mis states sq ft..

In that scenario, people will not be able to afford every day items let alone real estate.