I own numerous rentals and a coupe vacation rentals.  

At the end of the day we have to make it function like a business, keep the tenants happy and keep the owners from getting sued.It's a relationship business not an object business.

I'm yet to jump into my first rental, primarily due to analysis paralysis and past deals being under contract falling through due to numerous reasons.

I do not plan on doing a or b above, but trying to learn and understand.Side note: I do have a tax professional I plan to use next tax season, she's not a CPA, but she comes recommended from a local investor who said he used her until he ended up with numerous properties and a S-Corp and stepped it up to a CPA. 

These auctiona are extremely competitive with a number of knowlegable and long time buyers bidding against each other and sometimes against new and unknowledgable buyers.The inexperienced buyers often end up with properties next to the property they thought they were bidding on, with numerous liens when they thought they were purchasing free and clear, with first liens existing, with a huge amount of taxes owed, and with properties in the floodway, etc.The opportunity in Harris County is that the auction process is so haphazard and unorganized that even the "pro" buyers can't be everywhere all the time.

If your objective is to get as much cash out as possible it may make the most sense to fix it first if you can borrow the 13k at a low cost.

Thanks for the replies, helps me solidify my thinking about my objectives and how my strategy fits.Mike , I have worried abut the low income demographic of the community.

Can't really speak to the question of how much of a FICO hit you'll take on the refi or how long it will take to recovery.If you refi claiming OO status, then move out right away the bank might object.

Chad, you may want to refer to the 2% 50% guide many investors use to evaluate a potential property. a 90K purchase price should generate gross rent of $1800 a month. many investors settle for much less 1 or 1.5 % of purchase price if appreciation is the prime objective in the more expensive upscale markets. ( given your rent this is not an upscale area).

i have a property I just purchased (last week) and am considering either rehabbing (2 unit) or selling out.Purchase price (total HUD) 12,300 or soRehab needed $25,000would rent for about $1100/monthOffer 1 is $16,000 cashoffer 2 is 12,000 cash and $800/mo for 7.5 months.How can i objectively decide between A. fix and rent, B. offer 1 and C. offer 2.?