Painting and repair would cost $4000-5000 at my estimate.

I then multiplied 333 by 2066)Investor Profit: 35%Estimated repairs: 16,000Assignment fee: 8,000Closing Costs: 31,200The total price I would advertise to investors would be $398,000.Everyone, what do you think?????

A key issue will be whether the tenant gave you notice of things that needed repaired (like the leaks) and whether you fixed them promptly.If you don't have an attorney - GET ONE TOMORROW!

Drywall results weren't so good,If what you are talking about is fixing properties in your town that have been bought by out of area investors, then make sure every real estate agent in town has your card.Buyers often ask their agent who they can call for assorted repairs.

Personally I think being responsible for the repairs, etc, would be a nightmare.Could your friend advise you on how much maintenance he has to do?

Has lease through next year.Owner (happens to be a Real estate broker) will sell for 80k.Property doesn't need any repairs and sounds like is in great condition.

I found out after inspection that repairs are going to be more than I anticipated, my mortgage will now be for $78,000 (payment of 605.51).

This would build your credit and knowledge of being a homeowner and whats needed to make repairs.

If you also do the management piece, they can come after you if the LLC does not have enough assets or insurance to cover the damages from the injury caused by your negligence to do the repairs.

He has not yet listed the house, and it appeals to hiim that maybe you are a buyer who will pay cash for his house, and then he can avoid paying realtor fees, make repairs, etc.