But we stole the home because of its condition.)I replaced 18 windows & all the doors (the doors were in the same condition).

The problem here is contractors, for example window replacement guys from big boxes, will test and if positive your install price wtill go through the roof because they have to wear suits, tape off and sheet over everything, etc.3.

Due to lack of experience and knowledge of repairs and replacements I am afraid I underestimated all the stuff that I will have to fix.

Assuming you have a mortgage currently, refinancing will replace that with a new mortgage so you still have the same number of loans though your payments might be higher depending on whether you did a cashout refinance (thereby taking out a bigger loan than the current balance on your mortgage).

If you need to replace the roof do you walk away?

From the outside I can tell the roof is new (installed <6 months ago), the building needs to be painted (lots of peeling already), some window screens need to be replaced.

Your estimated Capitalization Rate would be about 6.7%.Make sure that you have sufficient cash reserves for unexpected repairs and expenses.Make sure that each month you deduct the following expenses from your rent and save them for future payments: (1) real property taxes, (2) replacement reserve and (3) insurance reserve.For your information, the 50% rule, which is generally considered to be fairly close to actual expenses, states that …50% of your gross rents will be taken up by expenses... property tax insurance vacancy property management maintenance capital repairs legals and accounting, etc.From the remaining 50% you service your debt, if any, and the remaining is your profit.

- the biggest advantage is the access to MLS and basically being able to replace my "day job" sooner (hopefully).

My goal was, and always has been, to make money even when I am sleeping.No guru, no book, can replace the fire in your gut.

Remove and replace.