We typically find homes and do moderate to extensive renovations to them, then we put them under a property management firm out of charlotte that we have worked with extensively.

Having a license in my mind and utilizing it is a Huge advantage and I think most investor are nuts not to have one.

An estate property vacant for 2 years, with all utilities on, seemed like a good candidate. 

Also checking to see what properties have utilities off is a good start as well. 

Tenants pay all utilities.

A rental is considered to be an income producing property, so the house could then be sold utilizing all the normal and regular capital gains tax rules.

I especially utilize this strategy in gentrifying areas where prices are going up.

Expense/Net SheetMonthly Income $7,070.00Monthly Expense Utility $190.00Lawn Care/Snow Removal $25.00Trash Removal $67.00Advertising $0.00 Craigslist and signage in yardInsurance $235.00Odd/End Repairs $75.00Total $592.00Yearly Annual Income $84,840.00Yearly Annual Expense $7,104.00Property 2014 Taxes $14,844.46Yearly Profit $62,891.54Unit Bedroom Bath Stove Fridge Dishwasher Microwave Washer Dryer409 #1 2 1 Y Y N N N N Y 2008 2001 2002409 #2 2 1 Y Y N N N N Y 2008 2001 2002409 #3 2 1 Y Y N N N N Y 2008 2001 2002409 #4 2 1 Y Y N N N N Y 2008 2001 2002401 3 2 Y Y Y N Y Y N 1997 1997 1997403 3 2 Y Y Y Y Y Y N 1997 1997 1997405 3 2 Y Y Y Y Y Y N 1997 1997 1997407 3 2 Y Y Y N Y Y N 1997 1997 1997Garage and Common Area Electric is paid for by Landlord *I assume this is the $190 / month utility figure listed in the monthly expenses.*$208/quarter for dumpster *I'm not sure if trash collection is this or if we have to add another $70 per month for the dumpster.

It had been extensively remodeled by a previous owner. 

Things like utilities are a given, but I want to avoid signing and realizing that I've missed something out, or should have considered something that I didn't.