I would think they will require you to show LC, repair breakdowns and all sorts of stuff if your going to pull cash out.

One nasty or screwed up tenant and you'll be halfway to $6000 in repairs alone.

Although if they have 165,000 in it then at 190,000 they would be at breakeven or a little profit maybe after resale costs.Sounds like maybe the seller underestimated the amount the repairs would cost on the property and are trying to dump it now and limit losses.

Could put a carefully selected short-term renter in there for 6 mths to cover overhead, then do your repairs in the winter and list it next spring, targeting a signed contract at the 12-mth mark.Of course, you can try to sell it for cash to a hedge fund after you repair it.

I think they do a top notch job, but every once in a while I get a bill for repairs that makes me fire off an email.I don't mind being in 5 states.

How do you repair scratches and such on the brown stained trim?

ARV $210k, PP 100k, repair 60k.

I think it will be more of a fix and rent as there will only be about $10-15k in equity after repairs but the going rent in the area for the purchase price is pretty stellar.

Does 50% of gross rent pay from just P&I and then $100/door...the other 50% going towards everything else, ie- maintenance, repairs, Homeowners Insurance, Taxes, Utilities???

I'll add that if they had a bad tenant that trashed a unit, that unit could have been a long vacancy, with a high repair bill on top of that - this gets quite expensive, and if this owner was not adequately capitalized ...