I was hoping someone could share their experience in owning one and if the rent revenue covered the mortgage costs?

It appears like your bank will accept an appraisal for 285k on your subject property.if they are making a loan for 238k that means you have to have approx.16.5% down(47,000.) closing costs included.if your sales price is only 215k that means the seller gets his 215k and goes away.you are left with a property worth 285k that has 47k of your money in it plus 23k equity.or 70k in the bank so to speak.if the seller is going to lend you 20k it should be out of his proceeds from the 215k sales price.he must be a nice person to loan you his money for 2years no payments no interest.It looks like you need the 20k to help make the down payment and closing costs.If so you have to make enough on the resale to cover the 20k plus the costs incurred for rehab,holding,and acquiring the property and still make enough profit for it to be worthwhile.Is the bank going to give you 48k at closing for rehab?

Cover yourself and realize that you could be hurting people other than yourself as well as the above example proves.

Investors swoop up good deals like candy.

I don't have the link handy, but search their website and you will know pretty much what you can expect (it's mainly dependent on area and # of bedrooms).Another thing that Zeke covered... some tenants have more of their rent paid by section 8 than others.

Other than that you seem to have covered all the bases.Best Wishes

I've bought some great deals from overextended Realtors who suddenly found themselved unable to cover their monthly committments.Whether the broker allows deals "outside" the house is strictly up to the broker.

I am trying to decide whether or not I should hire my owm landscaping service to take care of the lawn and try to cover some of the cost in the rent.

Ex: We place flashing xmas lights around our signs for nighttime and used car lot flags covering the entire fence around the yard.

This is to cover common areas)Utility ExpenseElectricity Water GasSewerTotal Utility Expense = 3.1%SuppliesApartment cleaningCarpet cleaningExterminationGroundsPaintingPlumbingOther Maint/RepairsGarbage /Trash RemovalHeating and Cooling RepairsTotal Operating & Maint exp = 16.6%Real Estate TaxProperty and liability insuranceTotal Taxes = 8 .1%Net = 57.9%