I did speak with another contractor who thinks we can try and approach the problem in pieces and see if the county will sign off on each component as we go (HVAC, plumbing, electrical, roof, engineering, etc) but again I'm worried about the individual pieces adding up to a total near $60k.Foundation $15kRoof $5-10kEngineering $4kPlumbing/Electrical $10kHVAC ?

I found from the inspections that it will require more work to rehab the house than thought: big items, plumbing, roof etc that was not apparent with a visual walk arround.

The inspector went through and tore it apart even though I had the electric and plumbing inspected and made some major changes to the plumbing in the basement.

Membership in my local REIA has the benefit of a discount account with a wholesale supplier for plumbing and HVAC components (with free delivery within their delivery radius).

Depending on how your plumbing is set up (4 separate lines tapped off main in basement?)

Take the appliances if present, take the AC, take the copper pipes and wires, plumbing fixtures and counters.

Replacing does get you access to insulation, wiring and plumbing which if needed,,,dont skimp.

In this particular financial report, things like HVAC contractors, plumbing contractors, and roofing contractors are included in capital improvements and not deducted from gross income.

I have been helping many who have contacted me with knowledge on certain types of deals.I am thinking of charging a consulting fee that will be credited to the buyers at closing off of my commission when a purchase goes through.I have to think about spending time with people who are serious about doing business and not just educating them and taking no action.I sent a plumber out today to inspect plumbing on a vacant apartment building and I am paying him for the trip.Brandon free classes are done at Home Depot on how to install things and if you spend time in the store you will start learning what materials cost.Free to you and you are not wasting anyone's time.Check with other investors at your local REI meeting to find out references of great contractors who charge a fair price for work.

I purchased it at the beginning of August 2011.If you're making only $50/month now when it's relatively new to your portfolio, you're likely going to be losing a lot of money later.Remember, every 20 years or so you're going to have to replace the roof, the HVAC system, a couple water heaters, siding repair, electrical/plumbing upgrades, etc.