It exposes some very questionable tactics in your business model (if you can call it that), and bragging about almost ripping off an elderly widower through the unlicensed practice of real estate does not paint you in a positive or professional light. 

I don't necessarily "need" the cash that's tied up in it but that is a big chunk of money I could potentially invest elsewhere (but without a known rate of return like I'd get on this place).The property is 2 hours from where I live so I need to find a property manager.Interested in any and all perspectives on this and happy to answer additional questions if they help paint the picture.

You can't have a home that has peeling paint or a big hole anywhere.

(Just paint, tile, carpet, etc.)

Ended up being a home run - Fannie Mae had already put it to rental standards with new paint and carpeting.

I don't want them walking through a property in terrible condition but if I'm down to painting and a few minor projects I feel they can look beyond that.If your potential tenants are coming from another property they may need to give notice prior to vacating. 

Don't forget about the lead paint disclosure in MA.Additionally, if you plan on holding a security deposit make sure to study the rules and regulations very closely.

To make matters worse, I ripped out the old kitchen including the sink and stove so that makes it not technically a home I am told.The house is in central NJ by the way.

Purchase price: $15,000 Cash invested: $5,000 Two bedroom one bath possible bad for the basement you can turn the living room into a bedroom make it a third attic partially remodeled and basement new roof new sinks new gutters, new carpet and paint new kitchen floors new bathroom floors wooden fence all around the property.

Purchase price: $15,000 Cash invested: $5,000 Two bedroom one bath possible bad for the basement you can turn the living room into a bedroom make it a third attic partially remodeled and basement new roof new sinks new gutters, new carpet and paint new kitchen floors new bathroom floors wooden fence all around the property.