As you mentioned, the appreciation can be minimal but they're mostly investing for cash flow.

But if I count in at a minimum the vacancy and maintenance/repair budget, like Nick mention, at a rate of 10% of income per year for each category per year, I would have a hard time cash flowing.

You mentioned a "luxury impression," what's the approx.

Like @Bill S. mentioned there is an awesome REI Club here in GJ, check out this BP link for contact info: https://www.biggerpockets.com/rei/colorado-real-estate-investment-clubs/There are some fantastic training events coming up this month at wCAREi on Foreclosure Investing (yes, you can wholesale foreclosures!)

About two months ago I was tired of telling myself that one day I will get into investing and I didn't want to wait 8+ months to save up enough to start investing, so I took out a personal loan for the minimum amount my friend would partner with me on a deal for and I jumped in.

Same things that you mentioned as well as no floors, 2nd floor walkway needs to be redone and so on.

Wait tell it goes into foreclosure.

Stephanie Irto when you mentioned the Renovation Loan I am assuming these bids/budgets on the work must be done by certified contractors as well, correct?

My suggestion is that you invest your money with a group because you mention you really don't have much of a plan to manage anyways.

The contractor reports to me that there's cats everywhere, the place SMELLS like ammonia..... he even refused the job because he got a terrible allergic reaction and the place smelled too bad.....Other than annoying instances of having to wait for him to get us cheks a couple days late, he hasn't been a problem.....But I fear the place will have a permenant smell, and who knows what other pet damage there is.....Should I threaten eviction?