You need to have some reserves for repairs vacancies etc.If you are not able to obtain long term financing from the owner I would be fearful that in 6 months you may be unable to get your new loan. also, consider that if you go to get a new loan you will have closing costs that will require cash unless the owner is willing to pay your closing costs as well.You need to get concrete numbers and start putting them together in plan. sounds like you are in the beginning stages of planning. please make sure you have a solid plan with realistic numbers that work before committing to this property.I hope this helps.

Landlord assured there are "jacks in every room", it turned out there was ONE BROKEN for the last 5 or 10 years jack in the kitchen, which would have cost to the renter $135 to fix(per phone company hourly repair rate)."

You will renovate the property and will expect that the property is then worth more than the combination of the repairs and the acquisition price you originally paid for it.The ARV is the value of the property after repairs.

This does not include any repair costs for the real property or property preservation costs such as force placed insurance and tax advances.

That is one of the most important tasks in the rental business IMO; much of everything else can be outsourced with less trouble (like repairs for example).Lastly, if you use an agent, often they will just use the "standard agent lease form" for the state you are in.

I know this is a cheap fix but I want to wait until tenant turnover to do a few repairs on the property.

It'll need foundation repair, siding, refinished hardwood floors, kitchen remodel, and probably some electrical work although that hasn't been inspected yet.Is it better to get one general contractor or several specific contractors for each of the different jobs?

If the repairs are $5,000 more than you thought and the appraisal comes in $5,000 low, you neeed that to be and have it still work.

(This strategy is called "assigning" since you personally never close on the property)The formula most wholesalers (assignors) use isMax offer=After Repair Value (ARV) X 70% - repair costs - assignment fee.Some other strategies to read up on are Sub 2 (subject 2), wraparound mortgages, and true wholesaling with a double close.Good luck and keep reading and asking questions here on BP!

Now, that's inflated as we had a few repairs to make, but you get the idea.