A home is more valuable than a house =)Roof Condition ("When was the _____ last replaced?")

One of my houses needs a new roof so I'm saving every rent check to get that taken care of.  

I understand the IRS has 120 days to reclaim the property - very unlikely under normal conditions - even more so with the large hole in the roof of this property.

If you use the 80k to get more great cash flowing properties maybe you can cover a new roof, that was the plan anyway.

equals $1650If you compute a mortgage rate of $853 (25% down, 6.5 percent, 30 year) you have a monthly cash flow of $797.This looks like it's worth a look.Now you get into specifics, like actual taxes, actual insurance, records of previous work done on the house, actual vacancy rate, and any need for larger improvements like roof, HVAC etc.Then run that against actual mortgage numbers and see how you stand!

There are a few non-negotiable items like a new roof and refinishing the hardwood floors, but I will be able to cheat on the kitchen and the bathroom.As far as an ideal tenant, I really just want a family that has stable income and won't destroy the house but will also go the extra mile and look after the house and neighborhood.

If you have big issues like foundation or major roofing, you would have to use standard 203k which requires the consultant.

We had samples of 12 different colors and their are a lot that have different tones.

They are off the market. and seem to need quite a bit of renovations to bring up to a value where Id be able to rent out for a nice cash flow, and attract ideal tenants.

Its about a 1600 sq foot ranch, built in 1967 that has been taken good care of for the most part, the roof is nearly new, basement is solid and dry, furnace is nearly new, overall its in good shape but inside it definitely needs updating.