I wanted to throw the numbers out there to see if you all had any advice or if I was missing something.It’s a duplex, electric is separate but gas and water are shared.Purchase Price: 71,000Annual rent: 18,600Annual insurance: 1,200(est.)Taxes: 2,883Garbage: 290Vacancy: 1,860(10%)Maintenance: 1,860(10%)Management: 1,116(6%) 775 placement fee (50% one months rent)Capex: 930(5%)Total: 10,914Annual mortgage: 3,453.6018,600-14,367.60=4,232.40 cash flowUnfortunately management is a must since it is long distance.

It is a duplex, electric is separate but water and gas are not.Purchase price: 71,000Annual Rent:18,600EXPENSESVacancy:1,860(10%)Maint:1,860(10%)Managment:1116(6%)    750(placement fee 50% of rent)Capex:930(5%)Insurance:1200(est.)Taxes:2,883Garbage:290Total:10,889Annual Mort:3,453.6018,600-14,342.60=4,257.40 cashflowSeems like it could work, i am thinking i will have to bill the tenants for gas/water/sewer after I get the bill. 

I currently have an investor, a project manager, and a contractor on board we just need the deals and that is what I am bringing to the table.

I had a contractor who quoted me around 8k of work needed to get this house rent ready.

It took me some time to find contractor, it cost me more then I anticipated, it took twice as longer, we found things that inspection didn't find, and had to fix that too.

@Kole Kingslien  Guidelines for land contract:- Payoff of Installment Land Contract Requirements When the proceeds of a mortgage loan are used to pay off the outstanding balance on aninstallment land contract (also known as contract or bond for deed) that was executed within the12 months preceding the date of the loan application, Fannie Mae will consider the mortgageloan to be a purchase money mortgage loan.The LTV ratio for the mortgage loan must be determined by dividing the new loan amount by thelesser of the total acquisition cost (defined as the purchase price indicated in the land contract,plus any costs the purchaser incurs for rehabilitation, renovation, or energy conservationimprovements) or the appraised value of the property at the time the new mortgage loan isclosed.

That is just to get the contractor out there to assess the problem.

I am interested in doing my first house flip, but don't really have or use the same contractor for anything.

You can also meet contractors, handymen, subcontractors and other service professionals should you guys decide to do some rehab projects to build up some more capital.Feel free to reach out if i can be of any help, best of luck to you guys!

That can likely fetch $1700 if not a bit more.Comp that sold recently: $300kEstimated repair costs: $75k conservative (full gut)Property Taxes: $4,500 per yearUtilities: Separate for each unit, tenant would pay their own electric, gas, garbage, etc.