I have also seen turnkey properties that have numbers $450-500 / unit as cash flow per month but you have to understand they when you buy turnkey, you don't have to account for vacancy and cap ex for the initial years and very minimal repairs.

If the tile is a style I don’t like, but, it’s not chipped, I save it, etc etc… the trick for me is to start with all major mechanical items: hvac, HWT, panel, and then add the roof… if all that checks out then the odds of a minimal rehab are even better!!! 

@Daniel Goodman Please pardon the delayed reply, Dan.

This hurricane could blow over with minimal damage and everything returns to normal.

I own a couple of turnkeys for the past 2 years and this has been my experience that cap ex and vacancy have been non existent and repairs have been minimal.

Although damage was extensive and catastrophic in low lying areas and Fort Myers Beach as a whole, total destruction like that wasn't seen in Cape Coral with many properties only needing minimal repairs, if any, depending on the areaMexico Beach in Panama City was in a very similar situation to Fort Myers Beach in terms of older infrastructure and very little building precautions taken to fortify structures against these types of storms.

I personally feel in this situation I would have the owner file eviction and get them out before you take ownership even if it delays closing.

My lender only offers 80% of purchase for delayed financing but I have heard of people getting 100% assuming that’s not over 80% LTV.

You sound happy, and I’m happy for you.Not to poke holes at you, but househacking a duplex you got commission on for being the broker while simultaneously needing an FHA loan to contain costs/minimize expenses isn’t something I would count as a 1% property on the MLS as it’s not repeatable, and further proves the point deals are no longer “had” or “found”- they require active participation to be “made”.

You can minimize that somewhat.