Comps show ARV between 90k and 100k in a revitalizing area of the city.I paid 15k + 8k in back taxes and closing fees, immediate repairs needed of 3k, so all in at 26k (used HELOC money).I will wait for current renters lease to end (10 months), do cash out refi for about 45k and do full refresh of carpets, paint, repairs, kitchen and pay my HELOC back.

It's a 3/2 C+ B-  Needs an HVAC washer dryer and flooring (carpet in two bedrooms minimum for now).

That makes turnover costs (paint, and carpet) sky rocket.

Eg. 2 yr old carpet was literally black, wood rot and leaks down the wall because they didn't shut windows when it rained, pretty much the worst tenants you could have.  

Send a cleaner for the stove if its dirty. 

I am refinishing my own floors- painting rooms, carpetting, replacing windows- that money vomes out of my pocket.

I put another $20,000 into paint, carpet, furniture, etc. and had the whole place ready to rent out before my first mortgage payment was due.  

If you're not actively monitoring your PM, I'll bet you're getting taken to the cleaners.  

It might be cleaner if you want to later move properties into an LLC, etc. 

And I've also provided oven cleaner if needed.