In most cases the bank will want 20% down so your mortgage will be around $280k and over 20 years thats around $1800 a month off the top of my head. plus account for a 6% vacancy rate and $2400 a year in repairs and calculate how much the HOA fees are and insurance and the real estate taxes.

I figure I can use a property management company for any needed repairs or emergencies if something happens while I am gone for work but otherwise my wife is available by phone consistently.

Some costs (repair the dish washer, carpet cleaning at unit turnover, etc.) are pretty fixed regardless of rent level.

It may cash flow for a while, but then a big repair hits and your sunk. 

The document clearly defines that the Second Party is responsible for contributing all monies needed to repair, maintain, advertise, market and any other expenses as well as the mortgage payments; whereas I, as the First Party, would just contribute the $12k.

Then I ask them to contact me to set up a time when I can come meet them and sign a new lease if they are not under a current lease.I also ask if there are any immediate repairs that need to be made so they know I am going to take care of the property.

A property has a lien on it currently , but will be ". gone " from the property in a few months ( the line's 10 year probate period Will be up in a few months )The property needs $20,000 in repairs ( materials only )I currently have a FHA loan on a propertyThe ARV on this investment property will be $130,000My all-in cost for the property will be around $80,000My main questions please are:1. will i be able to get a 2nd FHA loan if I make this my primary residence vs an Investment Property ?

I have a tenant moving out of one of my 1br units at the end of the month and I'm looking for a contractor to do a bathroom remodel and some small repairs throughout the unit.  

Don't have all of the info needed but looks like after vacancy, capex, repairs and management you are clearing well over 350 per month.

Also if you "kinda" know how to make a certain repair don't.