Learn the ins and outs of a house, how to do the minor check ups and repairs and also look at a couple of tax returns with the "benefit" of deducting taxes and insurance instead of taking the standard deduction.If you have a rental it's possible to have a positive cash flow (you should never buy a rental unless it has this IMO) and still record a tax "loss".

After selling costs, I see you taking away: $15 to $18,000.That seems like a nice cushion, leaving you some room should your repair estimates be off.

They all needed major repairs and one needed to be moved.

I'm not a "highly skilled" tradesman, but I'm more than competent at any kind of house repair except electrical, and I can do some of it.

Getting calls in the middle of the night to come fix something all the damages and repairs you have to deal with and all those months that your property maybe vacant.

Our schedule for the remaining of the work is:sheetrock crew to repair and install sheetrock where needed; install all trim work and paint all interior rooms;tile bathrooms, install cabinets and new toilets and fixtures;install new kitchen cabinets;install new appliances;carpet crew to install carpet;clean yard of debris, trim shrubs and trees;paint exterior trim of house;new front door and light fixtures.Working at night after work and on weekends for our part we expect to be finished by late March.

I work for RealtyTrac and provide solutions for distressed homeowners nationwide that need to sell their property quickly for one of the following reasons:Relocation, Juggling multiple mortgages, Behind on payments, Divorce, Military transfer, soon-to-be expired listing, Don't want to deal with repairs needed, Estate sales.Please contact me if you are able to handle 10+ deals per year and have experience and systems in place to handle any of the following situations:Wholesale- Rehab DealsSubject to Contract /DeedRental/lease optionsShort SalesCash offersMy goal is to find a skilled investor who can help the distressed homeowner in a timely manner and has the systems in place to transact quickly.

I'd rather pay for the drywall repairs, the window replacement, and the tile floors.

A few looked good on paper, but upon further inspection/investigation, the amount of repairs necessary would suck out any possible flow for a couple of years.

Did you do a punch list repair sheet before closing with him and do you have a copy?