cause by my calculations that's 16% on the $32k I came out of pocket. plus the repair costs... another $10k (let's not count that for now) 

There isn't much room for error here.Here is a link to the Duplex, its a little distressed but I think I could make the repairs and gain the sweat equity that can be found there.  

Here are my thoughts....1) Find a rock solid property manager that has their own crew for repairs and maintenance. 

As I'm an out of state investor (I live in CA, where investing is rough), I'm looking for fairly minimal repair work to start off with, and would even consider turnkey properties for now, until I can build up a stronger network in the area.  

Hi there! I have a property that we may buy "subject to" existing mortgage. However I need about 25k to pay the arrears, & fix it up. We are planning to do a live in flip. I am trying to find a private money lende...

You would be shocked at how some high income earners live and treat rental units that arent theirs, most renters are fine but many are entitled and may take you to court or stiff you on a repair bill rather than assume liability.

(a) “Common Area Operating Expenses” are defined, for purposes of this Lease, as all costs incurred by Lessor relating to the ownership and operation of the Project, including, but not limited to, the following:(i) The operation, repair and maintenance, in neat, clean, good order and condition of the following:(aa) The Common Areas and Common Area improvements, including parking areas, loading and unloading areas, trash areas, roadways, parkways, walkways, driveways, landscaped areas, bumpers, irrigation systems, Common Area lighting facilities, fences and gates, elevators, roofs, and roof drainage systems.

I have been able to have minor repairs done either by myself or a handyman, something I would not attempt with a pitched roof.

I just closed and was given a check in the amount of both tenants deposits.Right away you want to call and transfer any utilities that the previous owner was paying, as well as call and set up a time to introduce yourself to them, as well as lay out clear guidelines and expectations as to what to expect with you as the new owner, ie. where and when to send payment, contact info and info on what to do if there are any issues that need to be addressed.I just closed on a new duplex and acquired tenants, i called right away and started service for water and garbage for the tenants, as well as met with them in person, I showed up with a copy of their current lease agreement for them to have as a refresher, a basic rental application for them to fill out to make sure i had the most current information about employment, tenants, contact info, as well as had them make a list of concerns and things that need repair. 

I am going to generate my offer price based on ARV and work backwards from there (repair costs, etc).