I am trying to build a portfolio of real estate and would like to be able to refinance, pull equity out and purchase another property and essentially follow the typical Brrrr strategy going forward (rent out the next one right after reno).

quick numbers:$135,000 asking$27,000 down payment (20%)$108,000 mortgage at 5% (guess) = $580Taxes $1200/year = $100/monthInsurance $1200/year(guess) = $100/month (guess, shop around)PITI = $780/month (meets 50% rule)plus10% vacancy = $175 ($1740 rent x 10%)10% management = $17510% capex = $175Sewer/Water bill (I find it hard to believe that tenant pays this) = $150/month (guess)trash/snow removal = $50/month (guess)10% miscellaneous (advertising, cleaning, buffer, etc) = $175/monthtotals = $1680cash flows = $1740-$1680 = $60 Essentially, you will break even if you turn it over to a property manager and are never involved in the day-to-day operations. 

My wife and I are funding the down payment and will pay his living expenses (we had already saved for those expenses in 529 and ED-IRA), so essentially, we are taking care of 100% of the expenses and funding.  

The banker I talked to, I later name drop after the paperwork was over to see what she had to say.  

Also, does the Agent and Seller sign the Assignment Contract or what paperwork is used since there's already an Agreement between the Seller and Agent?

@Matt R.https://www.kcet.org/shows/city-rising/city-rising... this is on KCET "public television" It's sponsored by CALIFORNIA ENDOWMENT who gets funding from California Governemnt CALIFORNIA ENDOWMENT gets $billions from the govenemrn then pours it into Tenantstogether.org So essentially our taxes are paying this organization who wants to increase government control of private property.... thus upping their control and paying government worker salary.

Just got off the phone with Shannon my escrow officer and she is getting the paperwork together for my commercial sale!

More important is how you elected in all that paperwork to close the transaction.

I can see your logic on considering it a repair but essentially the only difference is the absence of tear off of shingles.

Most of the incorporation paper work is available online and if you are a DIY person you can take these templates, adjust some of the language and probably ask a friend in law school to take a look at a high level to make sure there are no red flags.