Your purchase price should maybe be +/- $2000 from the appraisal price, but typically you should pay the appraisal value.Everything should be in-house - rehab work, management, etc - a turnkey company shouldn't be making you sign a contract for a third party management company because then they aren't really accountable to you long-term, the PM is.Beware of scarcity or scare tactics in sales.

Don't look at Zestimates and think they can be relied on, as they don't take all the criteria into account.

You could have easily already accounted for these things, but if not that will definitely bite into your cashflow. 

11:  Excess Funds12:  Redemption13:  Void Tax Sales14:  Tax Deed15:  Improvements to Tax Sale Properties16:  Renting Out Your Investment17:  Flipping18:  Earning 12% Interest19:  Ejectment20:  Quiet Title and Similar Actions21:  Buying from Land Bank22:  Tax Sales of Personal Property23:  Attorneys in this Field24:  FormsLast wordsTable of CasesTable of StatutesTable of Other AuthoritiesIndexSome AL investors who I want to be sure see this post include @Helen Kirk, @Jake Roland, @LeArcashei Moore, Account Closed, and I know there was at least 1 person I'm colleagues with on here who doesn't live in AL, but likes to invest in Auburn, but I can't recall who. 

It is a 2/1 near an air force base, in a decent school district.My question is this: how do I run the rental property analysis, how do I account for private money?

Besides the EIN, business bank account. 

I came up with the idea to start looking at real estate after I inherited a sum of about 60k and wanting to put the money somewhere instead of keeping it in a savings account where it eventually will go to waste.

I go ahead and account for 10% Property Management because I do not intend to manage them for forever.Vacancy would be more dependent on your location but I just use 10% to be safe.

Account Closed you should contact Richard Vernet at Winter Hill Bank.

@Mike Dymski  having been and worked for the 80s versions of modern day syndicators and having had a front row seat to the melt downs.. your exactly right it starts off very innocently.usually because they have so many investor in so many deals they don't want the word to get out that they have a bummer.... so lets just borrow from the reserve account of  Del Boca Vista Number 1 it will be short term loan we have the right to do it.. :)  then it just starts to go down hill.also many times these high flyers are very late to change their lifestyles.. and that adds to the cash flow stress.I mean I was totally stressed in those days I got wrapped up in a Civil rico with one of them..