Total rent should be $800-900/month.After inspection major issues we found were:-gutters/downs need replaced, drainage run away from home (water in basement)-chimney needs tuck point at minimum, bricks falling off-mold growing in basement (big chunks of white growth along all wood)-cosmetic work about $2k to upper unitSeller wanted $14k, we offered $10k due to the amount of work we need to put in.

Total crap.....the lender/original seller doesn’t need to “find the note”, it has nothing to do with closing.

Or am I just being a total newb in some area?

This way your total income would be approx $79,472 if you are willing to wait for that tail income when you get the loan reassigned to you in month 121.Bob

Obviously, I am going to authorize an after-hours call to a plumber if there is a leak that results in water accumulating  under the bathroom sink (preventing property damage is a no-brainer); however, if a toilet is clogged, the water heater stopped working, electric power is no longer coming into a section of the house, then I dont want to pay the premium to have the tradesperson come after-hours (I dont feel like paying a premium for the convenience to my renter) when the call can be made the following day or on Monday if the issue occurs on Sunday morning.  

Here are the numbers:Appraised Value $80,000.00Loan Amount: $60,000.00Monthly P&I: $490.25Interest Rate: 5.5%Amortized Over: 15 yearsVacancy $43.75 (5%) Repairs $87.50 (10%)Insurance $61.25 (7%) Management $61.25 (7%)P&I $490.25 (56%) Property Taxes $61.25 (7%)Total $813.75 (93%)Thanks,JT

We could rent for around $900/mo, and obviously rehab would be a lot less for rental-quality updates.

@Candace NoelI'm in total agreement with you on getting into a good, symbiotic partnership. 

If you can do repairs for a cost that keeps your total investment below $40k and hit the $700/month, then you are in a sweet spot!  

Hi, I'm totally new to the forums but I have been listening to the pod casts for months now and have learned so much.