Hey folks, 
I'm new here and researching SMF homes in Rochester (Edgerton) and I found something that might work for me, but I'm not sure if I'm thinking about this correctly. The asking price is $80k and I'm securin...

There are free tools online everywhere, but basically you want to do the following:Gross Potential IncomeLess Vacancy= Gross IncomeSubtract the following expenses:Real Estate TaxesHazard InsuranceLiability InsuranceMaintenance (yes, even if you plan to DIY)SuppliesProperty Management (yes, even if you plan to DIY)UtilitiesLawncare/Snow removalLegal Costs (evictions, LLC formation/maintenance)Bad Debt (non-paying residents)City Occupancy LicensesPayment processing fees (for debit/credit cards)This will get your Net Operating Income.Then subtract debt service. 1st mortgage2nd mortgage (if applies)Line of Credit (if applies)This leaves you your free cash flow.

Improving energy efficiency not only helps the environment but also puts money back in your pocket.

or is it putting a burden on myself to be responsible for repairs, or is it no different from a dishwasher or fridge anyways.thanks for reading Greetings Larry,Adding a washer and dryer to your rental property can indeed be a good idea, especially when looking to attract potential renters.

So basically, your parents shouldn't face any tax consequences as long as they're just contributing the property to the LLC and not selling it.However, it's important to be aware of the potential for reassessment of the property's value, which might impact property taxes.

Looking at initial quotes for this expansion while utilizing the same renovation refinance loan I discussed above, the potential negative cash flow will shrink from 2000.00 a month to 1200.00-1600.00 a month, which is not much of an improvement.

(Still unsure if this actually correlates to rent price as the housing authority rep that I spoke to was very ambiguous when I asked what potential rents I could receive)The only reason that I'm considering is because this purchase was by no means a great deal, I just wanted to have something cheaper than my rent while learning how to renovate/manage a property.

@Michael Doughty Your property definitely has the potential to benefit from a cost segregation study.

(They are honestly not too hard but of course it is difficult for many many regular people)I say just don't buy the used one as it always carry potential mold/breaking down issue.

There are several critical factors and potential risks you should consider to ensure a more comprehensive approach.Regarding your math, it seems well-considered, incorporating key elements like repair costs, After Repair Value (ARV), and projected rental income.