I currently work at a dealership an I also have have my own business doing windshield chip repairs, while learning how to evaluate an Buy deals.

The problem:  Jane Doe wants to sell but doesn't have the money to pay for new carpet/paint/gutter repair...  

You really need someone to look at the documents you have, what they say, and pit that against your local laws and procedures. 

The way you get around that is you write an offer with an inspection/repair contingency in place.

Since I can't prove it was them, I'm not making them pair or repair and am working tirelessly to track down and resolve the "issue".

I also agree that 3% for capex and repairs is pretty low unless this is a new build. 

All I saw was the work he had to put into turning the place over between tenants and all the repairs he had to make over the years.

Then take out 5% of gross rents for CapEx repairs and 5% for vacancy/non-payers. 

The sooner I can get out of this cubicle the better.Now that I have summarized my situation let's look at the numbers...Purchase Price: $207,000Equity: $104,000Monthly rent: $1300Monthly expenses: $1229.54 (This includes P&I, taxes, Estimates for vacancy and repairs, insurance, & property management 10% ...

Those are still cash flow assets, but I don't think the bank will let me refinance on anything appraised less then 60k.Anyways it's all a work in progress, I called local Property Managers to ask them what rent is for a 2/1 | 3/1, vacancies rates, if they charge a flat fee or rent based %, few other questions.I'm getting an idea of what is in my area and what I should be focused on first.Yeah the real estate agent bought a fixer for 120k, put some work in sold 235k after he posted it on Facebook had someone call with offers that night.I have plenty of cash for buying/repairing, Cash is King he said and asked if I wanted to be a money lender that the return was "ok", but there would be no equity and build up.Yeah, my goal is to collect as many doors as I can and have $100-200 of ROI I'm shooting for appreciation and being able to pull my original money back out.