I don't want to get in over my head, I have contractors coming to look at the property to give me estimates, I still have time to back out of the deal if the scope of work is more than anticipated, or possibly negotiate the price of the property. 

I would like to obtain financing on this property so I can use my original investment on a different property.I do not want to use conventional financing because it will take too long to close the loan and we anticipate the property to sell very quickly. 

4.Did they, or is it anticipated, that they will get their full damage deposit back?

To me it's just semantics...I'm not too worried about what they call me as long as I focus on keeping my business running smoothly,  In my opinion, you have a good newbie "problem" on your hands...I anticipate the problems get worse as time goes on :)  Good luck on your journey!

That cost would have to be considered both from a monthly expense view and a per transaction view depending on how much sales outside of your investments you anticipate doing.Also need to see what the broker would expect out of you.

Your contract terms should include novation/assignment language to your anticipated LLC as the title holding entity, hence Scott's advice above - once the LOI is accepted but before the PSA is signed (although you may not actually form the LLC until later).

We anticipate about $150k in repairs when All said and done.Immediate repairs/interior rehab approximate about a 3rd of that total.Roof replacement accounts for the rest.First thing that jumps out from the spreadsheet is no PM cost.We are buying out of state,so will slap on the 8% PM fees.Because we already own a similar building in town,we know the water and sewer bill is at least 2x what it should be.So updating plumbing fixtures to reduce water utility portion is a major value play.Rents are also at least $100 under market.Financing is agency debt.6.5% interest3 year term,30 year amortization.There’s a lot of moving parts in a value play.That’s why I wanted your comments and questions first and i can respond as we go.

I anticipate that the current residents will not agree to pay the higher rent.I'd love to hear from others who've dealt with asking inherited tenants to leave. 

Looks to me like a lot of the costs you've anticipated could be done a lot cheaper, by carefully sourcing secondhand items where appropriate (eg.

So, some will innovate in ways that were not anticipated.