I’ve got 11 total units so the big software options aren’t really what I’m looking for.Thanks!

That is called OSB ( oriented strand board) and is mostly used for sheathing on the outside of the house under the siding. the problem with putting Spackle over it to try and hide it is that the moisture from the Spackle may get into the board and start to de-laminate it. if it is only 3'-4' high, you can dress it up with some sheets of 1/4" bead board, if it's the total wall you can cover it with 1/4" drywall. look at it this way, there is no way a tenant will put a hole through those walls after you cover it, i would consider having that a plus.

.)$620.33 MONTHLY EXPENSES$379.67 MONTHLY CASHFLOW9.17% PRO FORMA CAP$8,712.00 NOI$20,100.00 TOTAL CASH NEEDED22.67% CASH ON CASH ROI9.90%PURCHASE CAP RATEAccording to the numbers I think it'd be a great investment if I could find a way to get the $20,100 I need.

Using terms like "total rehab" or "cosmetic rehab" or "carpet and paint job" might be just as good as a tidy number. 

You are totally right though, even though I feel that I am cautious I just can't have the same level of caution and fear that others who lived through 08 have.

@Nick Smith totally forgot about HAR.com great point. 

I just spoke with Liberty Mutual they quoted $ 2,009 annually for the two family which covers up to 500K I already have an umbrella for personal through them along with Auto and home so they would add the 2 Family to that and bring the total to 1.5 Million- the issue I still seem to have is LLC or not -feedback it really doesnt look like it protects me -So buying the home in the LLC's name with a personal garauntee is not an option?

I wanted to throw the numbers out there to see if you all had any advice or if I was missing something.It’s a duplex, electric is separate but gas and water are shared.Purchase Price: 71,000Annual rent: 18,600Annual insurance: 1,200(est.)Taxes: 2,883Garbage: 290Vacancy: 1,860(10%)Maintenance: 1,860(10%)Management: 1,116(6%) 775 placement fee (50% one months rent)Capex: 930(5%)Total: 10,914Annual mortgage: 3,453.6018,600-14,367.60=4,232.40 cash flowUnfortunately management is a must since it is long distance.

If you and the wife combined make $10,000 a month, figure your total obligations shouldn't top $4,500 a month.

@Kole Kingslien  Guidelines for land contract:- Payoff of Installment Land Contract Requirements When the proceeds of a mortgage loan are used to pay off the outstanding balance on aninstallment land contract (also known as contract or bond for deed) that was executed within the12 months preceding the date of the loan application, Fannie Mae will consider the mortgageloan to be a purchase money mortgage loan.The LTV ratio for the mortgage loan must be determined by dividing the new loan amount by thelesser of the total acquisition cost (defined as the purchase price indicated in the land contract,plus any costs the purchaser incurs for rehabilitation, renovation, or energy conservationimprovements) or the appraised value of the property at the time the new mortgage loan isclosed.