I need to always trust but verify in everything I work with others on.BEFORE PHOTOS:SNIPPETS FROM MY CONTRACTOR QUOTES:POST-REHAB PHOTOS:ANALYSIS NUMBERS (ANNUAL):Down Payment: $23,700Closing Costs: $1,455.80Rehab Budget: $8,500TOTAL CASH INVESTED: $33,655Gross Income: $15,600Insurance: $811.32Property Taxes: $1254.50Vacancy @ 7.5%: $1,170CapEx/Repairs @ 5% total: $780Management Fee @ 10%: $1,560NET OPERATING INCOME: $10,024.18PURCHASE CAP RATE: 8.45%Debt Service: $6,638.76NET CASH FLOW: $3,385.42CASH ON CASH RETURN: 10.06%NET CASH FLOW (w/out mgmt fee): $4,945.42CASH ON CASH RETURN (w/out mgmt fee): 14.69%

I need to find a good comprehensive list of both expense/repair and capex items to help me come up with some better estimates outside of the 50% rule

I've known homeowners who have had to hire contractors/engineers to write letters that no repair is necessary - this really enrages homeowners when the suspected error is really obvious. 

Great kids, in fact when my tractor was in for repairs they came by & mowed our 1/2 acre.

I can reglaze and repair a non opening window for less than $20 bucks.

Annual Gross rents: $63,600; Annual Expenses (insur, utils, repairs/maint, city fees, management fees, prop tax): $17,483; 20% down pmt: $140k, mortgage: $560k, estimated pmt: $3650 (includes taxes, insur);  Based on this, the NOI = $46,117 - total exp of $17,483 - debt svc of $43,800 makes for a DSCR of 1.05.

Then go find a third party management company to find tenants and manage more complicated repairs.  42 unit isn’t large enough for 3rd party on site management.  

How long ago did you buy the first rental and what do you think the value is after repairs?

I am looking to buy and flip houses with only cosmetic repairs needed in order to get extra cash to put towards my long term goal of passive income. 

Steve Ferguson is another highly recommended but he doesn't have his own people to do maintenance and repairs so hes paying top market prices for that stuff and he charges half months rent for new tenants.