You will need to build reserves for these things or have another source of funds available. 

If you use outside funds it makes the tax situation tricky. good luck!

I really just want to see if my numbers for Hard Money look reasonable if I were to try to get funding with as little of my own money on the deal, as well as get a sense of how low I would want to go on price in order for such a deal to be worthwhile.

I did get approved for an unsecured SoFi loan and looking at obtaining LOC’s to fund this deal. :-)

I would recommend doing both, setting aside funds to support things that may pop up and pulling out a vacancy percentage.

@Charlie Mitchell, I believe this all depends on your market, the funds you have available, or your ability to negotiate any type of seller financing.

Raised rents, cured some different maintenance, installed professional management.

I'm also hitting the 2% rule with $800 rent and feel I have room to raise it as I am on the lower end in the area.Since I bought my first condo with cash I was able to leverage that equity with a HELOC (5/3 Bank), they appraised my property at $58k and gave me $37,500 (65% LTV).

I'm also hitting the 2% rule with $800 rent and feel I have room to raise it as I am on the lower end in the area.Since I bought my first condo with cash I was able to leverage that equity with a HELOC (5/3 Bank), they appraised my property at $58k and gave me $37,500 (65% LTV).

I pay by ACH as well to avoid having to write checks and mail so they receive their funds quickly and it's efficient.