I also plan to have extra maintenance costs.

However - I waned on the project because of the amount of cap-ex and maintenance required.

He would then report the information on his tax return.You can each provide the other with guidance and support - but joining together may make things more difficult especially if you are holding title in your own names.An alternative is to be on the title together and do a tenants in common.

That said, most real estate professionals will give you their own opinion based off of their own experiences and down here it is pretty common to see sellers prefer conventional loans over FHA/VA.

With the tenant placement fees, and their maintenance side making money on turnovers, I'm just skeptical of trying to keep a tenant for 3+ years.

3% for maintenance seems a little low, but you are saving a good amount for CapEx which is good since you know you have roof and windows coming up.  

Hello gang,So this question is probably pretty common.

The only other access I could do for that room is add a bedroom door they the Foyer which is a common area.

If you do a search on BP for squatters in Philadelphia, you will unfortunately find that this is a common scenario there. 

Here's an example of what I'm talking about:Purchase price: $10,000Rehab (everything new): $40,000Total "all in": $50,000 (fully financed, 15 year note, 5%)Rent: $650/month.If I apply my normal formulas to it....10% maintenance (-$65)10% management (-$65)Taxes and Insurance (-$70)5% CapEx (-$35)NOI: $415Less debt service (-$395)Profit: $20/month.We haven't factored in vacancy.These are real numbers I'm getting from some investors in my market.