Offer to cover 3% of closing costs since you’re saving that in realtors fees.

There are set fees like any grantors tax, HOA disclosure package, then fees that vary, like settlement fee, deed prep, prorated real estate taxes, commissions, closing cost assistance requested in contract, etc.

What does it cost for formation and ongoing maintenance?

(Basement to get sump pump) I’m already way past closing and the cost is $6k.

Remodel Costs $115k. 

My first recommendation would be to speak with a lender regarding the costs/fees associated with the refinance.Strategy-wise, you're in luck!

How much are closing costs? 

Hi Jagger-Great question.I am a fellow Michigander from Ann Arbor.Nothing against Maine but the Midwest has seen some of the strongest rent growth in the country.When I consult with my clients, if they don't have the budget for a market like Ann Arbor, I direct them to Lansing, MI.The cashflow is strong, the economy is stable, it is the State capital so there is always economic development creating new jobs, the price point is relatively affordable because the cost of living is lower there, and appreciation is predictably linear.I also advise investors to buy duplexes and up so you always have a rent check coming in most of the time if you have a vacancy.

Get the cost analysis and blue prints done and work it out with the construction loan committee and start the work draw phase.The other options which can be a little easier is buy a home that will pass an Inspection/appraisal and not be "Subject to" but does need a lot of TLC/renovations and do it yourself.

And how much in closing costs would I have to pay out of pocket.